Transformation
Transformation commitment and intent
Our commitment to transformation is deep rooted and extends beyond compliance with the broad-based black economic empowerment (B-BBEE) codes of good practice. Driving execution against our transformation vision is ultimately the responsibility of the group’s board and the social, ethics and transformation committee.
Transformation is a permanent item on the group executive committee’s agenda and is included in senior management’s performance scorecards.
Transformation intent
Our transformation intent is supported by our sustainable transformation framework which includes the implementation of clearly defined objectives aligned to the amended Financial Sector Code (FSC), B-BBEE Act requirements and the UN SDGs. Consideration is also given to the material priorities, needs and concerns of our legitimate stakeholders as well as existing business activities and value offerings that can serve as instruments of transformation.
Having a lasting impact on society is integral to our vision. For us, it is about creating realistic, impactful and sustainable broad-based opportunities in partnership with those who have previously been denied such prospects.
B-BBEE scorecard and independent verification
Our B-BBEE scorecard verification is based on the amended FSC and has been certified by an authorised independent verification agency, AQRate Verification Services. This verification applies to all South African companies within the group. We have steadily improved our performance over the last decade and a half, moving from being a Level 5 contributor in 2007 to Level 1 in 2021 and 2022. This is testament to our commitment to the wellbeing of the society in which we operate.
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Alexander Forbes Investments Limited
Alexander Forbes Investments Transformation Policy
Launched in May 2022, the Alexander Forbes Investments Transformation Policy (transformation policy) is the next step in our journey to create realistic and sustainable opportunities that extend beyond compliance with the broad-based black economic empowerment regulatory requirements. In this respect, we have taken a deliberate approach to incorporate a much broader view of transformation that integrates it more fully into our business value-creation model, including the acceleration of our transformation intent through our investment approach.
There is significant evidence that diversity is strongly correlated with improved risk-adjusted returns. Our transformation policy and its supporting principles are grounded in our belief that more diverse teams will deliver superior long-term investment outcomes for clients.
The inaugural Alexander Forbes Investments Transformation Policy focuses particularly on the investment management industry and the activities of Alexander Forbes Investments in support of the group’s overall commitment to transformation. The policy works alongside our asset manager research function, which focuses on the investment process and philosophy to ensure that it all aligns with our clients’ requirements. Furthermore, the policy pledges our commitment to working with all asset managers in our value chain to ensure that they understand our requirements and work with us in collectively shaping the industry to embrace a more inclusive and competitive asset management industry.
Our transformation principles intend to operate within the best interests of our clients’ goals and objectives in mind. We believe that partnering with the best buy-rated and diverse investment teams can help to achieve better and more sustainable investment outcomes.