ABSIP’s mandate is to advocate for transformation in the financial services sector. and the broader economy. In line with this mandate, we are proud as an organisation that the FSC Codes of Good Practice, which ABSIP has actively negotiated have been gazetted. These codes aim to ensure that all participants transform to reflect the demographics of South Africa and ensure equitable access and participation in the financial sector and the economy at large.
On behalf of the National Executive Committee, I would like to thank the out-gone Treasurer-General of ABSIP Ms Lerato Molefe for her contribution and dedication to the organisation over the past six years. I wish her well in her future endeavours.
In line with the ABSIP constitution we held an Annual General Meeting, wherein we presented the status of the organisation and progress on the programme of action since the 2016 AGM. I thank all ABSIP members who attended the meeting.
The year 2017 has seen makes great strides towards our achieving our mandate. Some of the most notable achievements being;
- We made a submission to Parliament in response to the public call for comment on the FICA Amendment Bill. Parliament passed the FICA Bill and President Zuma has since signed it into law.
- We also, following the public hearings, made a submission to the Standing Committee on Finance regarding the Financial Sector Regulation Bill (Twin Peaks).
- We successfully negotiated the inclusion of the Black Business Growth Fund in the FSC Codes which, as mentioned above, have recently been gazetted by the Minister.
I look forward to upscaling our advocacy role in 2017 and with that, encourage members to pay their membership fees for 2018 as this assists with organisation’s sustainability and delivery of the various ABSIP programmes.
We wish the governing party well in its forthcoming conference and look foward to assisting goverment in shaping public policy in 2018.
Collectively as members and stakeholders of ABSIP, we have made great strides towards achieving our mandate yet there are many hills that lie before us. The coming year will present its own set of challenges however we remain optimistic that in working together we will conquer.I thank all members and stakeholders for their contribution and support in 2017. I wish you a safe journey to you holiday destinations, a well deserved rest and a prosperous 2018.
GovernanceAnnual general Meeting
The ABSIP Annual General Meeting was held on Thursday, 30 November 2017 at RMB in Sandton. It was agreed that the constitution needs to be reviewed so it could be aligned to the organisation structure and its programmes.
We will form a constitution review committee that will effect all the necessary recommended amendments on the constitution as mandated by the AGM. Some of the issues that were discussed were the possible collaboration with ASISA on programmes that advance transformation in the financial services sector. The issue of how ABSIP sustains itself as an organisation, through membership subscription and sponsorship, was raised as a concern. The ABSIP investment arm was reaffirmed as a solution to this challenge. Members were all in agreement to expedite this process.
Thought LeadershipFSC Codes of Good Practise Gazetted
We welcome the gazetting of the Amended Financial Services Sector Code (FSC). The sector, working with members of the FSC Council, has had three years to align the FSC with that of the Generic Codes of Good Practice and the B-BBEE Act.
The FSC commits all financial sector participants to actively promote a transformed, vibrant and globally competitive financial sector that reflects the demographics of South Africa, and that contributes to the establishment of an equitable society by providing accessible financial services to black people and by directing investment into targeted sectors of the economy. These noble objectives will help in reducing inequality in South Africa on a sustainable basis.
Student DevelopmentThought leadership
The Student Development Programme is about training students to evolve as future leaders of a democratic society by equipping them with skills, resources and networking opportunities for them to grow individually and collectively, in respect for the law, discipline, civic sense and building sustainable knowledge and support systems for students to reach their full potential. 2017 was a year of significance for the ABSIP Student Chapters as we were celebrating a milestone of 12 years of existence also now boast 12 Student Chapters across the country.
The vision of the ABSIP Student Chapter is ‘To be the lead custodian and agent of youth economic transformation in the financial services sector and the broader economy’.
The mission of the ABSIP Student Development portfolio is to:
- Bridge the gap between university and the corporate environment, by enabling professional development from an early age.
- Create a platform for students to network with professionals and stakeholders in the industry.
- Create awareness of the numerous opportunities available in the industry and enhancing knowledge through information sharing.
- Build a sustainable knowledge and support system for students to overcome hindrances, to reach their full potential and connect ideas.
- Encourage entrepreneurship, innovative thinking and thought leadership. Our student chapters have worked tirelessly throughout the year to ensure that their members get value from ABSIP, this was done through holding events and seminars throughout the year. We have ensured that with all the events that we hosted, we brought in quality speakers who have imparted a great wealth of knowledge and wisdom to our student members. Student chapters have also had opportunities to go on company visits to get a real view of the corporate world.
The Student Chapter leadership also attended a strategy session in the beginning of the year to help them map out and formulate strategies and goals for the year, this has directly impacted the outstanding output from the student chapters in 2017. Hosted by KPMG, the session was held on January 20 – 22. Student leaders were given the opportunity to debate and discuss key issues that affect more than 3000 members across the 12 institutions in the country. Membership Statistics In the beginning of the year our 12 ABSIP Student Chapters went on recruitment drives where they actively sought out to sign up new student members, these efforts were not in vain as the student chapters now boast a collective membership of 3047 students.
Student Chapter Milestones
Student Development App
To promote career awareness, professional development initiatives and better prepare students for the world of work, the student development programme has launched the ABSIP Student Development developed, black-owned firm, the purpose of the App is to bridge the information gap for students who do not have access to study material. Available for download for both Android and iOS devices, the app provides a wide variety of learning resources for student studying towards finance related courses for free. The App has been well received and has positive reviews on platforms such as iTunes and the Google Play Store.
High School Bursary Programmes
In January of 2017, ABSIP Student Development launched the High School Bursary Programme. The main vision of this initiative is also to help bridge the gap between high schools, university and the corporate environment, by enabling professional development from an early age. Through this programme we also create awareness of the numerous opportunities available in the industry and enhance knowledge through information sharing.
This was launched with the purpose of helping grade 11 and 12 learners with the resources and support that they need to excel in academics and to also sharpen their life skills. This initiative also exposes the learners to the broader career paths available in the financial services sector, ABSIP has noted that learners are not aware of the various careers available in the sector this was a solution to help them broaden their horizons and not limit themselves.
This year some of our Student Chapters Adopted schools that they have worked with throughout the course of the year providing them with:
- Mentorship and coaching
- Career guidance
- Study material
- School uniforms
- And school fees
The bursary is targeted at the empowerment of disadvantaged young black students who have demonstrated academic excellence and a passion to pursue a career within the financial services sector. In 2017 we have managed to help fund even more students with a total of 24 bursars coming from all universities across the country. The bursary programme was initiated in 2012 and has funded 102 students to date.
Student Chapter Flagship Events
Youth Economic Indaba
On the 24th of June 2017 the ABSIP Student Development portfolio hosted the annual Youth Economic Indaba. The new Director General of national Treasury Dondo Mogajane made his first public speaking engagement since his appointment delivering the keynote address at the Youth Economic Indaba. This year’s theme was “Using Inclusive Growth to Combat Youth Unemployment’. The purpose of the event was to fuel a conversation around youth unemployment and to get views from young people themselves on the challenges that they face and how these can be combatted.
Our twelve student chapters that are spread out through Universities across the country were in attendance, we received positive feedback from them in that the event was very enlightening and gave them a platform to voice out their views. In his address Mr Mogajane stated that inclusive growth is imperative for rapid economic growth, he also said that the Minister of Finance Mr Malusi Gigaba calls for inclusive growth to transform the economy. Mogajane also gave young people hope by stating that economic freedom is possible in our lifetime. There was also a Q&A session were the director general engaged the audience and addressed their questions and concerns.
The three-panel discussions that took place were:
“The funding Gap of Youth Entrepreneurs”, “Challenges and Opportunities of Young Professionals in Corporate and Government” and “Financial Technology: The Jobs of the Future”; these were also closed off with Q & A sessions, where our panelists shared a wealth of knowledge and experiences.
Student Development Awards
The ABSIP Student Development Portfolio hosted the 4th Annual ABSIP Student Awards on Saturday the 16th of September, the purpose of the awards event is to celebrate, reward and honour our student members who have excelled in academics, leadership and entrepreneurship.
The awards are the flagship student event of the year; the venue was packed to capacity with attendance ranging from students, young professionals, industry veterans and members of our National Executive Committee. In attendance were all our student chapters from across South Africa. We aim to improve the student awards in 2018 as we have seen that this initiative encourages our student members to work harder by seeing what their counterparts have achieved.
The backbone of ABSIP, our corporate and professional members, it is through you that ABSIP continues to deliver its mandate to the financial sector.
We would like to thank all our corporate and professional members who have proactively renewed their membership and paid their fees for 2018. We encourage you to ensure that your membership is always in good standing.
We have revised membership fees as follows:
Corporate: R 71,600.00 p/a*
Small and Medium Firm: R 36,300.00 p/a*
Professional: R 1,300.00 p./a*
*All amounts are inclusive of VAT.
Membership and sponsorship fees in the past three years have been utilised to execute, among others, the following programmes successfully:
- Launch of the Young Professionals Chapter
- Student Funding through the Bursary Fund
- Annual Youth Economic Indaba
- Annual Student Development Awards
- Annual Financial Services Sector Conference
- Annual Financial Services Sector Awards
- Annual Bursary Fundraisings Golf Day
- Biennial Investment Management Summit
- Biennial Stockbrokers Summit Policy
- Research and Advocacy Conversations with Leaders
- Engagements with Game Changers
- SA’s Sovereign Credit Rating Roundtable
- Expanding ABSIP’s Footprint
- Exchange Programme with Fordham University, USA
- Women Leadership Development Programme Annual Women Summit