Empowerment

Black Economic Empowerment (BEE) is one of Sanlam’s focus areas – a corporate responsibility that we take very seriously. Read on for more information on our various initiatives, and on how we’ve fared on the Financial Sector Charter’s Scorecard.

Sanlam’s FSC Scorecard

Sanlam understands that economic transformation is a national economic priority – we recognises our corporate role in redressing economic imbalances through the way we conducts our business. We recognise that the principles enshrined in the Financial Sector Charter (FSC) are aimed at creating a broad-based black economic empowerment model through:

• creating opportunities for previously disadvantaged employees and graduates, through accelerated skills development and employment opportunities;
• procuring goods and services from black-owned enterprises – primarily those that are women-owned – while working with them to develop these enterprises;
• investing in communities, in black entrepreneurs and in projects that support infrastructure development in previously marginalised areas, low-cost housing and agriculture; and
• ensuring that equity stakes are made available to black communities and businessmen, and financing those.
• The FSC is currently being aligned with the department of Trade and Industry’s (DTI) Codes of Good Practice for BBBEE (Broad-based Black Economic Empowerment), and some targets and methodologies are subject to change. The BEE scorecard, a record of the progress that signatories to the Charter submit once a year, is available from the download section of this site, and further details pertaining to our performance are contained in the links in this section.

The information and scores provided are based on current Charter guidelines and have been independently verified.

The data shows we are on track to fulfilling our requirements. We’re making good progress in terms of procurement and enterprise development, access to financial services, empowerment financing, ownership and control and corporate social investment. However, we need to further address human resource development needs, in particular its employment equity and skills development aspects. Read more in the subsections how we’re addressing these issues.

Human Resource Development

At Sanlam, our people hold the key to profitability and transformation. We’re determined to embrace diversity and to create a work environment and culture attractive to all employees, both current and potential. We drive a variety of initiatives to support our goal of becoming Employer of Choice.

Sanlam's performance for Human Resource Development against the FSC

		Actuals
Component	FSC target	2007	2006
Human resource development points scored against the Charter allocation	20	7	5
Senior management	25%	13%	9%
Senior management – Black female	4%	3%	2%
Middle management	30%	19%	17%
Middle management – Black female	10%	7%	4%
Junior management	50%	26%	21%
Junior management – Black female	15%	12%	10%
Skills development	1,5%	0,61%	2,6%
Learnerships	1,5%	0,17%	1,39*%

*2006 Learnership% based on a 3-year intake cycle. The 2007 % applies to year under review only.

Access to Financial Services

Access to retail financial services is fundamental to the empowerment of the majority of the country's citizens, many of whom are as yet unfamiliar with financial services beyond basic banking. This will benefit the whole economy as more people use modern financial instruments to lever their ability to create wealth for themselves (and others), through efficient risk mitigation, and savings products facilitating economic activity. We’ve introduced strategies and solutions to ensure that we’re more efficient in the delivery of financial services, which enhance the accumulation of wealth and profit the previously disadvantaged sector.

Sanlam’s performance for Access to financial services against the FSC

		Actuals
Component	FSC target	2007	2006
Access to financial services points scored against the Charter allocation	14	10	6
Compliant products	3	2	0
Transactional access	75%	71,5%	75,5%
Penetration	100%	160%	62%
Consumer education*	0,2%	0	0

*Sanlam has set aside R5m for an FSC-compliant consumer education programme in 2008.

Zimele Standards

Zimele is a Zulu word meaning ‘to stand on your own two feet’. It aims to help South Africa's low-income earners – those earning R3 000 a month or less – to easily identify those life insurance financial services that meet the FSC's minimum protection requirements. It represents life assurance solutions that are accessible, appropriate, simple and affordable and that offer good value for money.