Empowerment

African Bank and EHL have been scored under the Department of Trade and Industry’s (dti) Codes of Good Practice’s (the Codes) Generic scorecard for the second time this year and the group is pleased that it has made progress in improving the scores, although much work remains to be done. African Bank improved its score from a Level 6 to a Level 4 contributor and EHL from a Level 6 to a Level 5. There will be a strong focus on improving these levels further in 2013. The Financial Services Sector code (FSC) has been approved and gazetted recently. African Bank’s transformation (B-BBEE) contribution will in future also be measured under this code.

ABIL implemented two Black Economic Empowerment programmes, Eyomhlaba (launched in 2005) and Hlumisa (launched in 2008). The empowerment programmes target a broad base of Black shareholders. During this financial year the two empowerment companies acquired an additional 7,5 million ABIL shares, bringing its effective shareholding to 8,5% at 30 September 2012. In addition, the two companies paid R10 million to shareholders as ordinary dividends during the year.

ABIL believes that small businesses play a vital role in creating jobs and wealth in the economy. It is for this reason that the Bank supports small and empowerment companies through its procurement and B-BBEE policy and systems, that focus on Black owned and Black women owned Emerging Micro-Enterprises (EME) and Qualifying Small Enterprises (QSE). ABIL regards these initiatives as key business imperatives.

Corporate Social Investment (CSI) has a vital role to play in South Africa in bringing about meaningful transformation to the benefit of all that live in it. The social needs facing our country are substantial and it is a moral duty for government and business to make a difference in the lives of many. ABIL has contributed to a number of projects to uplift needy communities in Gauteng, Eastern Cape, Western Cape, KwaZulu-Natal and Limpopo. ABIL continues to seek out opportunities to enhance the lives of South African citizens and communities.