Press Statements

BMF NOTES THE HIGH COURT’S JUDGEMENT IN THE MATTER BETWEEN PETER MOYO AND OLD MUTUAL

The Black Management Forum (BMF) has noted the Gauteng High Court’s judgement in the matter between Mr. Peter Moyo and Old Mutual.

As the BMF, we are extremely concerned about some of the factual findings which have been made by the Court, which indicate that Old Mutual completely flouted corporate governance and labour law practices in pursuit of a highly experienced and competent black executive. These include the following:

  • Old Mutual’s Board (including Mr Trevor Manuel) ignored the concerns that were raised by Mr Moyo with regards to Mr Manuel’s real/potential conflict of interest due to his directorship in the three entities that were involved in the “Managed Separation” transaction;
  • The Old Mutual Board failed to act when it was brought to their attention that Old Mutual was paying Mr Manuel’s legal fees in a matter that had nothing to do with Old Mutual;
  • Contrary to the public statements which have been made by Old Mutual, Mr Manuel continued to participate in the discussions relating to the “Managed Separation” transaction;
  • Old Mutual ignored the fact that its representative at the NMT Board (Mr Patel) had not indicated that any conflict of interest had ever arisen in his presence and that he had in fact supported the resolutions of the NMT Board; and
  • Old Mutual inexplicably sought to hold Mr Moyo responsible, as a non-executive director (NED) of NMT, for issues which are clearly the responsibility of NMT management and issues which Mr Moyo, like all other NEDs of NMT, was not aware of.  

As the BMF, we have been following this impasse very closely and have been concerned about the way Old Mutual sought to remove a competent black CEO under the guise of a concern about a conflict of interest. To us, this has always appeared to be a smokescreen designed to mask the real issues at play. We are pleased that the Court has, in its ruling, effectively reinforced the principle that companies cannot just get rid of employees, more especially black senior executives, without following proper procedure.

The BMF notes that the judgement was primarily about whether there was compliance with certain contractual provisions of the agreement concluded between Mr Moyo and Old Mutual and takes the view that those are ultimately issues to be resolved between those parties. However, BMF is very concerned about the apparent lack of compliance with basic governance principles by the Old Mutual Board, more so when such is done at the expense of those who have a vested interest not only in Old Mutual but in good corporate governance in general. This is indicative of the view that BMF has always shared, that the failure of governance should never be an issue that is reserved for the public sector only as the private sector is just as contaminated.

We are aware that Old Mutual has elected to appeal the judgement, as they are entitled to, but BMF’s view remains that the corporate governance issues highlighted in this judgement need to be seriously considered.

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BMF COMMENDS ANGLO AMERICAN PLC FOR APPOINTING MS NOLITHA FAKUDE AS CHAIRMAN OF ANGLO AMERICAN’S MANAGEMENT BOARD IN SOUTH AFRICA

The Black Management Forum (BMF) commends Anglo American plc (Anglo American) for appointing Nolitha Fakude as Chairman to its Management board. This appointment stands as an affirmation of black talent, but in particular black women in leadership. Anglo American has shown that it can recognize black women and create space for them to display their leadership skills in directing an organization with a global footprint.

“Nolitha’s leadership capability is indubitable. She is a former Managing Director and President of the BMF. As the first woman President of the BMF, she put gender equality at the forefront of her presidency and ensured that the constitution of the BMF reflected and was infested with the necessity of empowering women,” said BMF President Andile Nomlala.

Nolitha went on to formulate the Sasol Group Partnership Forum during her tenure with the company, a model that has been recognised by the industry for improved industrial relations in a multi-trade union environment. Under her direction, Sasol drove the landmark broad-based black economic empowerment transaction, Sasol Inzalo.

“Nolitha has remained unaltered in her passion for the advocacy of diversity and inclusion. Her corporate experience and board participation has prepared her immensely for this role, and the BMF is once again flying its flag high for having provided leadership at the highest level in business,” added Nomlala.

The BMF further congratulates the additional seasoned black executives joining the Anglo American top brass. Mr. Themba M. Mkhwanazi, CEO of Kumba Iron Ore, who joins the Anglo American Group Management Committee in August 2019, Ms. Hixonia Nyasulu (Former Chair of Sasol) and Ms. Nku Nyembezi (Current Chair of Alexander Forbes) who join the Anglo American Board as non- executive directors in November 2019 and January 2020 respectively.

“It is a well-known fact that a diversified board of directors is not merely a token of representation but critical to effective corporate governance. We hope that this incoming Board will in itself advocate for diversity in the boardroom and that the business community will take note of this progressive move that is in sync with the BMF’s perspective and mandate to see black talent being given space to lead,” Concludes Nomlala.

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BMF CONGRATULATES YOLANDA CUBA AS THE NEW GROUP CHIEF DIGITAL AND FINTECH OFFICER

The Black Management Forum (BMF) applauds MTN for appointing Yolanda Cuba as its Chief Digital and Fintech Officer. Cuba replaces Stephen Van Coller who resigned last year. 

“We are confident that Cuba will do well in this position as she is a highly experienced executive and has been involved in the areas of digital services and fintech for several years”, said BMF President Andile Nomlala. 

Yolanda brings extensive telecommunications and leadership experience to MTN Group. She joins MTN Group from Vodacom, where she served as Chief Officer of Strategy and M&A. She was previously the CEO of Vodafone Ghana for a three-year period, a role that saw her named Telecom CEO of the Year in 2018.

“Cuba has a robust track record and we wish her every success in her role”, Nomlala concluded. 

For all inquiries please contact:

Philippe Bakahoukoutela
Head of Marketing & Operations 
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073 374 2999

 

BMF CONGRATULATES AYANDA MYOLI ON HIS APPOINTMENT AS ACTING CEO OF NECSA

The Black Management Forum (BMF) hereby congratulates Ayanda Myoli on his appointment as acting Chief Executive Officer (CEO) of the South African Nuclear Energy Corporation SOC Ltd (Necsa). 

Necsa is a company mandated to undertake and promote research and development in the field of nuclear energy and radiation sciences and technology. Myoli has held various executive positions in the South African Nuclear Industry with his appointment as the company CEO scaling him up from the company Chief Information Officer position. A position he has held at Necsa for over 5 years. 

Myoli’s appointment is reported to be the latest in a series of leadership changes to have taken place since December 2018 after former Energy Minister Jeff Radebe dismissed the previous board and CEO Phumzile Tshelane. 

“Myoli’s leadership comes at a critical time for Necsa and we hope that his skills, expertise and experience will stabilise the company. Necsa requires a leader that will bring relevant skills, expertise and experience to the table and ensure effective and efficient governance by the board,” said BMF President Andile Nomlala. 

“Myoli has vast knowledge and experience for the role and must plays a critical role in ensuring that Necsa stabilizes. We wish him every success in his role,” Nomlala concluded. 

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BMF CONGRATULATES MAHUBE MOLEMELA ON CONFERMENT OF DOCTORAL DEGREE

 

The Black Management Forum (BMF) would like to take this opportunity to congratulate the Central University of Technology Free State Chancellor, Madam Justice Mahube Molemela who was recently conferred with an honorary degree of Doctor of Laws (LLD) (honoris causa) by the University of Free State.

Molemela, who made history when she was appointed as the first female Judge President of the Free State Division of the High Court of South Africa, holds LLB and LLM degrees from the University of Free State where she also later lectured at the law faculty. She is a member of the International Association of Women Judges.

We as the BMF are very proud of her achievement. The BMF has the utmost confidence in the skills, expertise and experience that Molemela has and looks forward to her continued contributions to the society and leadership”, said BMF Free State Chairperson Lilly Moabi. 

"Molemela continues to be an inspiration to black professionals, especially those who are female. She is an exemplary leader and an accomplished professional. We wish her the best in her future endeavours”, Moabi concluded.   

 

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