Progress on paper must be reflected in the workplace, says Sanlam CEO Paul Hanratty.
Paul Hanratty, CEO of Sanlam, says corporate South Africa needs to reflect honestly on why B-BBEE has not yielded economic transformation.The true state of South Africa's economic transformation goes beyond mere numbers and statistics. It's a topic that hits close to home for us at Sanlam and the reason we are a partner in the Sanlam Transformation Gauge.
This issue isn't unique to South Africa; it's a socioeconomic challenge faced by many countries across Africa. However, this should not deter us from striving for progress. Corporate South Africa must take the lead in enhancing transformation and empowerment efforts rather than waiting for others to act. We need to be the agents of change that our beautiful country deserves.
To achieve authentic transformation in the financial sector, we must go beyond mere certification and scorecards. It's essential to break down barriers to entry for black businesses and create a financial ecosystem that uplifts all South Africans. While progress might be slow, it doesn't mean we are stagnant. The silver lining is that true economic transformation is not solely determined by the numbers on a B-BBEE scorecard. It's about the practical steps we take to foster a more inclusive and equitable society where every citizen has an equal opportunity to thrive.
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