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Summary Information

The purpose of this summarised information is not to provide detail with respect to each section found in the FSC. For further information in this regard, please refer to the FSC.

The analysis below is a summary of Investec's positioning with respect to each category, target and threshold as found in the FSC.

Investec's positioning as at 31 December 2008 with respect to the various categories of the FSC is indicated and a scorecard summary is provided. All participants of the FSC were required to submit their second Charter Report for the calendar year ended 31 December 2008, to the Charter Council, by the end of March 2009. This analysis is based on the information that was submitted in Investec’s report and reflects the information on which we are able to comment in terms of the original FSC, any subsequent revisions and on any assumptions and definitions agreed upon by the Charter Council.  Please note that the information depicted in the scorecard has been verified by KPMG according to guidelines set out by the Charter Council.  The FSC only applies to Investec's South African operations.

Information pertaining to the Summary scorecard

  • All references to "black" relate to the definitions as set out in the FSC.
  • All information relates to the calendar year ended 31 December 2008 except for post-tax operating profit which relates to Investec’s financial year ended 31 March 2008 (as requested by the Charter Council).

 Summary of assumed total points as reflected in the Summary scorecard

  • Total points scored by Investec for the period to 31 December 2008: 69.9
  • Total scorecard points for the period to 31 December 2007 (excluding any points from which Investec is exempt): 68.3 (the total scorecard points have been pro-rated against the 2008 targets)
  • Percentage Investec scoring: 83% this translates to an A rating as per the FSC
  • Copy of our 2009 rating certificate

 


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Section 1 (paragraph 5 of the Charter)


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Core component as set out in FSC
Indicators as set out in FSC Threshold as set out in FSC Target 2008 as set out in FSC Investec Positioning at 31 December 2008 Points scored Comments on Investec Positioning as at 31 December 2008
Human Resource Development         15.2  
1.1 Employment Equity         12.9  
1.1.1 Senior management (basic salary* > R580 183 p.a.) black people as a % of senior management 10.0% (industry mean) 20%-25% 15.70% 2.5 Percentages are based on approximately 594 people at Investec in SA who are considered to be senior management ito salary bands as set out in the FSC.
  black women as a % of senior  management 1.60% (industry mean) 4% 5.40% 1 Percentages are based on approximately 594 people at Investec in SA who are considered to be senior management ito salary bands as set out in the FSC.
1.1.2 Middle management (basic salary* between R322 324 and R580 183  p.a) black people as a % of middle  management 17.0% (industry mean) 30% 26.80% 3.6 Percentages are based on approximately 736 people at Investec in SA who are considered to be middle management ito salary bands as set out in the FSC.
  black women as a % of middle  management 5.0%  (industry mean) 10% 14.70% 1 Percentages are based on approx 736 people at Investec in SA who are considered to be middle management ito salary bands as set out in the FSC.
1.1.3 Junior management (basic salary* between R193 393 and R322 324 p.a) black people as a % of junior  management 28.0% (industry mean) 40%-50% 47.50% 3.8 Percentages are based on approximately 895 people at Investec in SA who are considered to be junior management ito salary bands as set out in the FSC.
  black women as a % of junior management 12.00% 17% 33.00% 1 Percentages are based on approximately 895 people at Investec in SA who are considered to be junior management ito salary bands as set out in the FSC
*If the bonus is greater than of 50% of total remuneration then 50% of the bonus will be included as part of the package.
1.2 Skills Development         2.3  
1.2.1 Skills spend % of payroll spent p.a. on skills development of black employees 0% 1.50% 1.10% 2.3 Total training spend on black employees amounted to R16.2 million for 2008
1.2.2 Learnership program Each institution will employ a % of total SA staff in the form of black matriculants as part of a learnership programme 0% 4.50% 0.00% 0 Investec participed in the Microsoft IT Learnership.  Two learners started in January 2008. 

 


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Section 2 (paragraph 6 & 7 of the Charter)


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Core component as set out in FSC
Indicators as set out in FSC Threshold as set out in FSC Target 2008 as set out in FSC Investec Positioning at 31 December 2008 Points scored Comments on Investec Positioning as at 31 December 2008
Procurement & components (a) and (b) of enterprise development    10% 50% 61.80% 15  
2.1 Procurement
Procurement from BEE Companies Targeted procurement from those companies as a percentage of total "procurement" expenditure         Total expenditure defined as procurement in terms of this section was R 1,953 million, of which R 1,379 million was spent on BEE suppliers.
2.2 Enterprise Development
Enterprise development including:1) assistance to BEE accredited companies in all sectors; and 2) supporting growth of BEE accredited broking agencies &/or enterprises in financial sector           Investec is involved in a number of initiatives in this regard, including the Business Place.  Total weighted enterprise development spend amounted to R5.3 million.

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Section 3 (paragraph 8 of the Charter)


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Core component as set out in FSC
Indicators as set out in FSC Threshold as set out in FSC Target 2008 as set out in FSC Investec Positioning at 31 December 2008 Points scored Comments on Investec Positioning as at 31 December 2008
Access to Financial Services         0  
3.1- 3.6 Providing products and services to low income households           Investec has received exemption from this section of the Charter.
3.7 Consumer education % of post tax operating profits spend p.a. directed towards educating consumers on your products 0.20% 0.20% 0 (below threshold)  0 (below threshold  

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Section 4 (paragraph 9 of the Charter)


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Core component as set out in FSC
Indicators as set out in FSC Threshold as set out in FSC Target 2008 as set out in FSC Investec Positioning at 31 December 2008 Points scored Comments on Investec Positioning as at 31 December 2008
Empowerment Financing         13.3  
4.1 Targeted Investments Institution’s target for Targeted Investment (R) in certain areas of the economy 17     8.3  
4.2 BEE transaction financing Institution's target for BEE transaction financing (R)  5 R1.2 billion R2.6 billion     5.0 Investec financed BEE transactions to the value of R2.6 billion during 2008.

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Section 5 (paragraphs 10 & 11 of the Charter)


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Core component as set out in FSC
Indicators as set out in FSC Threshold as set out in FSC Target 2008 as set out in FSC Investec Positioning at 31 December 2008 Points scored Comments on Investec Positioning as at 31 December 2008
Ownership and Control         23.4  
5.1 Ownership         18  
5.1.1 Ownership % shareholding of black shareholders in Investec Limited (SA entity only) 2.50% 25% 25.10% 18 As detailed in the announcement on our empowerment shareholding transaction undertaken in May 2003.
    BONUS if reach 25% DIRECT ownership        
5.2 Control         5.4  
5.2.1 Board Black people as a % of board of directors of Investec Limited only 20.00% 33% 37.50% 2 There are 8 SA directors in total and 3 of them are black, including 1 black female
  Black women as a % of board of directors of Investec Limited only 5.00% 11% 12.50% 1  
5.2.2 Executive management Black people as a % of executive management 15.00% 25% 15.00% 2.4  
  Black women as a % of executive management 2.00% 4% 0.00% 0  

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Section 6 (paragraph 12 of the Charter)


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Core component as set out in FSC
Indicators as set out in FSC Threshold as set out in FSC Target 2008 as set out in FSC Investec Positioning at 31 December 2008 Points scored Comments on Investec Positioning as at 31 December 2008
Corporate Social Investment         3  
6.1 Corporate Social Investment (CSI) %  of post tax operating profit directed p.a. on CSI black initiatives 0% 0.50% 0.70% 3 Total CSI spend of R 25 million as at 31 December 2008. Total post tax operating profit as at 31 March 2008 was R 4.0 billion.

 


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  • Contact: The Investor Relations Team
  • Phone number: +27 11 286 7070 | +44 207 597 5546

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Copyright © Investec Limited 2008
Article from Investec: http://www.investec.com/en_za/home/about_investec/financial_sector_charter.html

Published: 17 November 2009

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