The Old Mutual (SA) Plan of Action

Old Mutual (SA) will seek to continue to capture the spirit and intent of the Financial Sector Charter (FSC) and therefore implement broad-based black economic empowerment. In doing so Old Mutual (SA) will take cognisance of the dti Codes of Good Practice as they are finalised during the year.

• The Financial Sector Charter Council needs to clarify issues relating to the measurement of indirect black ownership, infrastructural investments and the alignment of the Charter with the dti Codes. Once this is accomplished all financial services companies can be more accurately compared in relation to their implementation of empowerment.
   
• Old Mutual (SA) remains committed to continuing to improve its employment equity performance across all management levels, notwithstanding the steady progress already made.
   
• While Old Mutual (SA) is already well ahead of the 2008 skills development targets, it remains committed to ensuring that such spend is directed towards black skills development in core and critical parts of the business.
   
• Old Mutual (SA) has made great strides in directing its discretionary procurement towards black suppliers and will continue to implement enterprise development strategies through its supply chain.
   
• In Targeted Investments Old Mutual (SA) will address new initiatives in SME finance and enhance its impact in Infrastructural Investments in line with the FSC. Finalisation of outstanding issues with respect to Access to Financial Services and Empowerment Financing needs to occur at the Financial Sector Charter Council so that Old Mutual (SA) is able to apply its financial strength and capability to enhance its contribution to economic growth and sustainability.
   
• Old Mutual (SA) will continue to build upon its past successes and proven strategy in Corporate Social Investment. This includes investing in rural communities to create employment, supporting HIV/AIDS orphans and encouraging staff to engage in volunteerism.