Jacques Malan Consultants & Actuaries
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We believe that we can only achieve our objective of being a successful Southern African actuarial business by developing a staff complement and ownership profile that reflects the population mix of South Africa, Namibia and the rest of Africa. As a Group, we have implemented a number of empowerment initiatives: ShareholdingWe have found an excellent empowerment partner in Koketso Holdings (Pty) Ltd, which has a 26% shareholding in the Jacques Malan Consultants & Actuaries Group. Koketso is a Black Economic Empowerment investment group with holdings in South Africa and other member states of SADC. Koketso is a Tambo Family initiative, which is spear-headed by Dali Tambo, the son of Oliver Tambo, the Late President General of the African National Congress. Koketso’s current focus is centred on developing business relationships in areas of: Property Development, Resources and Mining, Information Communications & Technology (ICT) and Healthcare. Koketso Holdings (Pty) Ltd was seeking a partnership with a business that would be able to advise them strategically on future investments, as well as an organisation that would share their values. In recognition of the significance of the Namibian market to our Group’s business, we felt that it was appropriate to include a Namibian empowerment partner as a shareholder at a Group level and this objective was met by Madawa Investments’ having taken a 10% interest in the business. Madawa Investments represents the interests of a number of prominent Namibian business people. The objective of the current shareholders is to allow the specialists to run the business, whilst maintaining the highest international standards. Furthermore, a staff share scheme was implemented with effect from October 2001, whereby 24% of the shares were made available to senior staff. Encouraging staff ownership is a fundamental principle of our business as we feel it is essential in retaining and rewarding superior calibre staff. Directors44% of the external directors of our holding company, Jacques Malan Consultants & Actuaries (Holdings) (Pty) Ltd, reflect BEE appointments. Included amongst our six Namibian Directors are Godfrey Gaoseb, whose previous positions include Economic Adviser to the President of Namibia, President of the World Bank with responsibility for Africa and Permanent Secretary of Finance; and Nangula Mbako. Ms Mbako is an Advocate of the High Court in Namibia and has been Permanent Secretary in the Ministry of Fishers and Marine Resources since 2000. StaffOur affirmative action recruitment policy is closely monitored on a regular basis and we are confident that we offer superior training and development opportunities for talented young students from within the designated groups. 35% of our staff and Directors represent BEE appointments and approximately 60% are female. Staff share in 30% of the profit of the firm and this profit share has been in place since the business commenced operating in 1995. Business InitiativesWe have assisted with the development of a number of South African BEE initiatives over the past few years by providing technical and business expertise. We have also provided professional assistance to a number of South African and Namibian asset managers and were formally recognised by the Emerging Asset Manager Association for our support in 1999. We also assisted the Thamba company in its project to develop the traditional healers’ market into a more formalised structure during the 1990’s. Compliance with Employment Equity Act of 1998Due to the size of our firm, we have not, in previous years, been required to submit a formal employment equity plan. However, as we believed the existence of such a plan was vital to our operation, we have voluntarily implemented a proposal that set ambitious, yet realistic, targets for the Group to achieve. The following Affirmative Action Measures are reflected in the policy: Numerical targets As a business, we comply with all Acts of Parliament and strive to maintain the highest ethics in this regard.
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