Broad-Based Black Economic Empowerment (B-BBEE) Level 1 Rating for 7th consecutive year
Standard Bank South Africa (SBSA) has been awarded a Broad-Based Black Economic Empowerment (B-BBEE) Level 1 Rating, as measured against the amended Financial Sector Code (FSC) in South Africa. We have maintained our Level 1 Rating since 2017 and this year’s achievement includes Liberty as a fully owned subsidiary of Standard Bank.
As a responsible corporate citizen, Standard Bank is committed to making a positive investment into the lives and livelihoods of South Africa’s people, contributing to positive social, economic and the environmental (SEE) impact through our business activities. Our transformation strategy is one way we achieve this, both within the bank and more broadly in society.
As a business, we implement measures to transform the economy through various means. This includes activities such as providing fair opportunities for our people to develop to their full potential, as well as engaging in activities to transform the communities in which we operate by creating jobs, growing enterprises and providing funding for projects.
STANDARD BANK'S BBBEE SCORECARD 2022
| SCORECARD ELEMENT | FSC POINTS | FSC BONUS | 2021 SBG (SA legal entities only) | 2022 SBG (SA legal entities only) *LIBERTY IS INCLUDED HERE FOR THE FIRST TIME |
|---|---|---|---|---|
| Ownership | 23.00 | 5.00 | 26.00 | 26.00 |
| Management Control | 20.00 | 15.93 | 15.83 | |
| Skills Development | 20.00 | 3.00 | 17.10 | 17.10 |
| Preferential Procurement | 15.00 | 4.00 | 18.36 | 18.29 |
| Empowerment Financing and Enterprise and Supplier Development | 25.00 | 4.00 | 28.64 | 26.41 |
| Socio-Economic Development and Consumer Education | 5.00 | 3.00 | 8.00 | 6.62 |
| Access to Financial Services | 12.00 | 10.17 | 9.82 | |
| Total points including bonus points | 120.00 | 19.00 | 124.20 | 120.08 |
Although we seem to have regressed from 2021, the 2022 outcome is a strong outcome given that we are measuring Empowerment Financing and Enterprise and Supplier Development, along with Socio-Economic Development and Consumer Education against a much higher Net Profit After Tax (NPAT) compared to the previous measurement period as the economy is normalising post COVID-19.
You can view our certificate: https://www.standardbank.co.za/static_file/South%20Africa/PDF/Legal%20and%20Regulatory/Standard_Bank_Group_Limited_BBBEE_Certificate.pdf
We will continue to support sustainable growth and development in South Africa, while delivering excellent client service.