Nedbank has a deep appreciation for the critical role that banks play in creating an inclusive economy for the benefit of society. We remain committed to living our purpose of using our financial expertise to do good by investing in projects and programmes that create jobs, enable structural reform, and facilitate a just transition that will safeguard the future and sustainability of our country. We continuously embrace our responsibility to contribute towards economic growth since impactful change and transformation require collective, practical action.
Linda Makalima
Nedbank Boardmember and Chairperson of the Nedbank Group Transformation, Social and Ethics Committee
Our approach to transformation
We are aware of our responsibility as a leading corporate citizen to offer innovative solutions, transcending transformation targets to reflect the change we would like to see. Our purpose-led approach balances social and commercial impacts to create sustainable value for our stakeholders.
As we adapt our approach to accommodate shifts in the socioeconomic, financial, and regulatory landscapes, we are mindful of the synergy created by leveraging the four capitals to drive our purpose-led approach. These capitals – human, socioeconomic, financial, and leadership – work together like instruments in an orchestra, each playing a unique role in creating a unified, vibrant outcome that has a transformative effect on both its participants and recipients. The past couple of tumultuous years have highlighted the importance of each of these capitals: Without people (human capital), there is no business (financial capital), and without business, limited change can be enacted in society (socioeconomic capital), and without conductors to lead the way (leadership capital), there can be no unified purpose or direction.
Our dedicated teams across the organisation work together to harness the transformative might of these four capitals, and we have had success in many different spheres, including job creation, renewable energy, diversity, and skills development. In 2019 Nedbank invested in the YES initiative and has been the largest contributor among the South African banks to have participated in this initiative at a large scale. Nedbank understands the critical role our youth play in shaping the economy and country. To date, we have placed more than 7 000 previously unemployed youth internally and through sponsored placements, and we continue to encourage other South African corporates to follow our example. Through the YES programme, we remain committed to empowering youth and being part of a collective effort to address the youth unemployment crisis facing our country.
Our achieving level 1 BBBEE contributor status for the fifth consecutive year since the Amended FSC was gazetted in 2017 demonstrates the effectiveness of our approach to transformation. We have made a long-term commitment to South Africa’s future, and we go beyond the numbers to fund innovative solutions and create lasting change.
We continue to support SA’s national agenda while also embracing and contributing to the Amended FSC’s regulatory framework, which guides the transformation commitments and efforts of the financial services sector.
Click here to read the Society Report including the detailed Transformation Review section.
