| Charter core | Component charter indicator | Financial Sector Charter targets and Old Mutual (SA)’s performance | ||||||
| Charter 2008 Targets |
Old Mutual (SA) performance (31/12/05) |
FSC points scored (maximum) |
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| Human resource development | ||||||||
| Senior management |  |
Black people as a % of senior management |
20% to 25% | 21.07% | 3.21 | (4.00) | ||
|
Black women as a % of senior management |
4% | 5.75% | 1.00 | (1.00) | |||
| Middle management | |
Black people as a % of middle management | 30% | 32.53% | 4.00 | (4.00) | ||
|
Black women as a % of middle management | 10% | 10.53% | 1.00 | (1.00) | |||
| Junior management | |
Black people as a % of junior management | 40% to 50% | 48.71% | 3.25 | (4.00) | ||
|
Black women as a % of junior management | 15% | 20.82% | 1.00 | (1.00) | |||
| Sub-total | 13.46 | (15.00) | ||||||
| Skills development | ||||||||
| Spend | |
% of payroll per annum spent on training of black employees | 1.5% | 3.56% | 3.00 | (3.00) | ||
| Learnerships | |
Expressed as a % of total staff, the number of matriculants that are employed in the learnership programme | Maximum 4.5% of total staff | 2.16% | 1.44 | (2.00) | ||
| Sub-total | 4.44 | (5.00) | ||||||
| Procurement and enterprise development | ||||||||
| Total BEE procurement | % of total procurement spend | 50% | 42.00% (Charter-weighted) | 12.59 | (15.00) | |||
| Enterprise development | Enterprise development spend is calculated as part of procurement spend | The Old Mutual Academy for Financial Planners, the Group Schemes Black Broker Programme, Masthead, and the Black Distributors Trust are enterprise development initiatives. |
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| Sub-total | 12.59 | (15.00) | ||||||
| Access to financial services | ||||||||
| Providing products and services to low-income households | |
Indicators for life industry still being determined | Targets still to be set by Charter process | Old Mutual Group Schemes has almost one million policyholders, mostly in the low-income segment. | Not scored | |||
| Consumer education | % of post-tax operating profits | 0.2% p.a. | 0.03% | 0.33 | (2.00) | |||
| Sub-total | 0.33 | (2.00) | ||||||
| Empowerment financing | ||||||||
| Targeted investments and BEE transaction financing | |
Spend on agriculture, low-cost housing, infrastructure, black small business development, and empowerment transactions | Targets still be to endorsed by Charter process | Old Mutual (SA) has directly invested R2.5 billion into infrastructure, and manages R4.9 billion in infrastructure funds. R1.7 billion has been invested in BEE transactions. | 4.44 | (22.00) | ||
| (4.12 points scored for BEE transaction financing. Targeted investments remain under discussion at the Charter Council) | ||||||||
| Sub-total | 4.44 | (22.00) | ||||||
| Ownership and control | ||||||||
| Direct ownership | |
% shareholding of black shareholders in Old Mutual (SA) | 10% direct (plus 5% direct or indirect by 2010 | 14.49% | 13.00 | (14.00) | ||
| Control | |
Black people as a % of Old Mutual Life Assurance Company South Africa (OMLACSA) Board | 33.00% | 35.00% | 2.00 | (2.00) | ||
|
Black women as a % of OMLACSA Board | 11.00% | 5.56% | 0.00 | (1.00) | |||
|
Black people as a % of executive management | 25.00% | 24.00% | 3.84 | (4.00) | |||
|
Black women as a % of executive management | 4.00% | 2.00% | 0.00 | (1.00) | |||
| Sub-total | 18.84 | (22.00) | ||||||
| Corporate social investment | ||||||||
| Corporate social investment (CSI) | |
% of post-tax operating profit per annum to CSI initiatives, principally in black communities | 0.5% | 0.26% | 1.56 | (3.00) | ||
| Sub-total | 1.56 | (3.00) | ||||||
| TOTAL | 55.54 | (84.00) | ||||||