Committed to Transformation
Liberty's commitment to and involvement in transformation has never been a peripheral activity but has long been an integral part of our business strategy. An affirmative procurement policy has, for example, been in place since 1999. In the same year an employment equity forum was also established.
Liberty sees BEE as a business fundamental based on the following:
- A growth imperative - the low employment rate in South Africa can only be dealt with in a high-growth environment.
- A social imperative - wealth needs to be distributed more evenly in order to create an equitable society; and
- A moral imperative - the legacy of the past wherein the majority of the country's citizens were excluded from the economy on the basis of race must be addressed.
Financial Charter Sector
The Financial Sector Charter (FSC), established in 2003, aims to promote and sustain transformation within the financial services industry. Liberty has been extensively involved in the development of the charter since the early stages of its development. Liberty executives participated in industry task groups during the charter's formative stages and this involvement continues today as the terms of the charter are redefined and clarified.
The FSC has highlighted certain areas where Liberty needs to accelerate transformation. Such areas include the development of a pool of black management. Liberty's transformation strategy has pre-empted many of the charter stipulations, however, where internal change is required, we are finding that charter compliance is a question of shifting emphasis, rather than having to develop new business practices or rework old ones.Full Financial Sector Charter