Tuesday, January 26, 2021
Education And Training

Giving the previously disadvantaged financial freedom

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Supporting South Africa’s transformation agenda is an important aspect of financial company, Alexander Forbes responsibility to society. This means that  pro-actively seeking opportunities to empower previously disadvantaged communities by investing in community developmental initiatives.

Transformation is overseen by the group’s social, ethics and transformation (SET) committee and is supported by each cluster’s respective SET committee. It is a permanent item on the group executive committee’s agenda and is included in senior management’s performance scorecards. The company spent about R34,3 million in skills development expenditure of which approximately R23.1 million benefited black women and R36 300 benefited black disabled people (R24 500 black disabled women).

Alexander Forbes contributes to the fight against youth unemployment through learnership and internship programmes, which expose participants to the financial industry while they gain work experience and mentorship.

The past year the total measured spent on procurement was R888 million, of which R111 million went to suppliers with at least 50% black ownership. More than R44 million went to businesses with at least 30% black women ownership. As a result, the group received 15.05 out of a possible 16 points for the scorecard element.

The company also has NPO partners. Through their annual capacity-building workshop, they help partners to develop strategies for important issues such as governance, funding, marketing and proposal-writing.

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