Latest news with #SimTshabalala
Daily Maverick
a day ago
- Business
- Daily Maverick
After the Bell: Should you wait an age before retiring?
I'm at a stage of life where I'm very interested in the people in my field who are older than me, how they prolong their careers and what happens to people who stop working. There is a phrase that people have used for many years on football fields about whether you can put a very young player on the field for a big game. They'll say, 'If he's good enough, he's old enough.' But 'if you're good enough, you're young enough' doesn't seem to apply. So many companies have mandatory retirement ages, or ages at which you have to leave. A few months ago, I was in a workshop, plonked on a stool, trying to recover from the cost of a new set of tyres. Behind me, a woman was telling the receptionist, obviously a long-term acquaintance, how angry she was that her company had retired her. She was financially secure, but she clearly felt that a big part of her life was being taken from her. I have huge sympathy for her. I mean, my work is such a big part of my life, and I imagine it is, or was, a big part of yours. Financial needs Because of the nature of our society, you might be in a position where you still need to financially help your children or your grandchildren, or simply a younger member of your family. There may be many people who still rely on your salary even though you are now in your sixties. Last week, Standard Bank announced that it was raising its retirement age for executives from 58 to 63. There is a wonderful Game of Thrones context to this. The current CEO, Sim Tshabalala, who has shown himself to be a hugely effective leader (if you ever get a chance to sit next to him at lunch, take it), is 58. Previous deputy CEO Kenny Fihla is roughly the same age, and it seems one of the reasons he took the job of Absa CEO was that he believed he would never get the job at Standard Bank. Legally, your retirement age is included in your employment contract. This means that companies can change these contracts (so long as you agree) if they choose to. But it also means that when you sign a contract, you need to check the fine print. And when you are joining a company, looking at the retirement age probably comes quite a long way after trying to understand how on Earth your medical aid is going to work. I do wonder what goes into a decision about a company's retirement age. I think some companies want to have a mechanism to ensure they can remove people who are getting on a bit. Not everyone can still do a job well in their 60s. And some jobs are not appropriate for people in a later stage of life. I mean, one of the problems in our army is that too many of the soldiers, the people who should actually be doing the fighting, are too old. The average age of our infantry soldiers is 39. Age diversity The other thing that firms need to manage is age diversity. If you have a group of people of just one generation making decisions, you will make mistakes. The world is changing very quickly at the moment. I might have grown up waiting for TV to start at 5:30 every afternoon, but my children have TVs on their person at virtually all waking hours. One of the big mistakes the ANC has made in government is keeping too many people in Cabinet for too long. And this has led to them making huge mistakes along the way. They simply have not understood how the country, and the world, have changed. It's also led to a very large group of slightly younger people who have not been able to move through the ranks. As a result, you end up with congestion in the middle sections of the party (in the provinces). This leads to even more congestion in councils and local government. If there is no prospect of moving up, you will stay and build your empire there. This can happen in companies, too, if you're not careful. So you do need to have a mechanism that allows people to move up. And to do that means your mechanism also needs to allow them to move out. But, you also need to find a way to keep people if they are still adding value. Pick n Pay brought back Sean Summers at the age of 72 to try to help the company out of a massive jam. He is certainly helping the retailer sell a lot more marmalade. This gets to the crux of it. If you still bring more value than other people would to the same job, I think it might be wrong to force you to retire. But at some point, and this happens to all of us, it does become time to stop working. There is part of me, not a big part, but a part nonetheless, that just can't wait.
News24
5 days ago
- Business
- News24
Standard Bank hikes retirement age for execs
• For more financial news, go to the News24 Business front page. Standard Bank has hiked its retirement age for executives from 60 to 63 years. All other employees still have to retire at 60, the group said. 'This change forms part of the group's ongoing commitment to attracting, retaining, and nurturing top-tier talent.' In April this year, the bank's 58-year-old deputy CEO Kenny Fihla resigned to take up the CEO role at Absa, where the executive retirement age is already 63. Standard Bank's CEO, Sim Tshabalala, turns 58 in December. Earlier this year, Nedbank increased its official executive retirement age from 60 to 63. 'The revised executive retirement age aligns Standard Bank with prevailing practices across the financial services industry, ensuring that the bank remains competitive in the global and local talent market,' the bank said in a statement. 'It reflects the evolving nature of executive leadership and the increasing value of experience, continuity, and institutional knowledge in driving long-term growth and innovation. This change also ensures that Standard Bank is not an outlier in what is a highly competitive market for key talent.'
IOL News
25-06-2025
- Business
- IOL News
B20 leaders call for closing the infrastructure gap for sustainable growth in Africa
B20 Task Force leaders (from left to right): Sim Tshabalala, chair of the Finance and Infrastructure Taskforce; Busi Mabuza, chair for the Trade and Investment Task Force; B20 Sherpa Cas Coovadia; and Mxolisi Mgojo, co-chair of the B20. Image: Supplied The Business 20 (B20) Task Force leaders are calling for the continent to address the pressing need for improved infrastructure across Africaas as well as sustainable economic growth. Sim Tshabalala, chair of the Finance and Infrastructure Taskforce, said Africa holds significant reserves of critical minerals essential for the global energy transition yet currently collects only 40% of the revenue possible from these resources. 'However, Africa collects only about 40% of the revenue that could be generated by these resources. Now, I ask you, how about if we got 60%? We need the right business environment, the appropriate social and environmental regulation, and the necessary infrastructure,' Tshabalala said. 'In other words, our capacity to drive the world's growth depends to a large extent on our ability to maintain and expand our infrastructure. To use a South African example well known to everybody, we need to improve our rail and port infrastructure. According to data by the African Development Bank, Africa needs to spend about $170 billion a year to meet our infrastructure needs.' Tshabalala was speaking during the roundtable of the B20 Task Force Leaders. The B20 serves as the official G20 dialogue forum with the global business community. Each year, the B20 provides a platform for companies and business organisations to articulate their perspectives on pressing global economic and trade issues, ensuring that the voice of the business community is heard at the highest levels of international economic governance. The B20 is made of eight task forces that are developing evidence-based solutions on trade, energy, digital inclusion, climate, and more. Video Player is loading. 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Advertisement Next Stay Close ✕ Ad loading Tshabalala said they were able to mobilize about half of the required amount at the moment, creating an African infrastructure funding gap of $85bn. He said for South Africa alone, that gap was $29bn and for the world as a whole, it was roughly $500bn. 'And so the core mandate of the Finance and Infrastructure Task Force is to work on ideas for the G20 and other key stakeholders to help close this massive infrastructure gap. To that end, we've developed ideas in three broad areas,' he said. Tshabalala said the first idea was to support the expansion of investable infrastructure projects. This would be followed by improving access to capital by increasing the availability, effectiveness, and resilience of public, private, and philanthropic investment. The third idea revolves around drafting proposals about how to enhance the flow of funds between investors, infrastructure projects, and the wider community. 'As we have worked to develop our draft proposals over the last few months, we focused on a combination of long-term policy proposals and short-term actions to drive meaningful change. As one example of a critical long-term reform, we would like to promote greater coordination and cooperation among infrastructure programs, both within and between countries,' Tshabalala said. 'This involves prioritizing strategic sectors such as energy and digital infrastructure, sectors which hold the highest potential to impact economic growth and can act as catalysts for development in other areas. 'In the short term, we are focusing on project preparation and support. This includes encouraging a stronger emphasis on conducting robust feasibility studies and developing comprehensive business plans, as well as streamlining regulatory processes to reduce bureaucratic hurdles, ensuring that projects are better prepared and more likely to succeed.' Mxolisi Mgojo, co-chair of the B20, reiterated that the G20 represents 85% of global GDP, 75% of trade, and two-thirds of the world's population. Mgojo then questioned what should be Africa's unique value to the collective business sector of the G20. 'Africa is central to many of the global challenges. Issues of critical minerals, renewable energy, food security, and the world's youngest workforce that is emerging. We must shift the narrative from potential to progress, ensuring growth benefits all, not just the global North,' Mgojo said. 'Key priorities that Africa should be focusing on are, one, inclusive growth, advancing AfCFTA and regional value chains to unlock Africa's $3.4 trillion market, bridging economic divides in sub-Saharan Africa, where 400 million-plus are in poverty is going to demand urgent attention and action. 'The second is global collaboration. In a fragmented world, Africa can be a bridge, balancing East-West tensions while securing supply chains. Public-private partnerships are critical to drive investment and stability. 'Thirdly, sustainability and innovation. Leveraging Africa's renewable energy potential, such as solar, wind, and hydro, for just energy transitions is going to be very important. That's ensuring also digital inclusion to close the gap for SMEs and informal economies. And therefore, there is a real call to action. This is a collaborative effort.' The B20 Summit will be held on the sidelines of the G20 Summit in Johannesburg in November 2025. BUSINESS REPORT
Daily Maverick
23-06-2025
- Business
- Daily Maverick
Standard Bank Named Africa's Most Admired Financial Services Brand
Standard Bank, Africa's biggest bank by assets, has been named as Africa's Most Admired Financial Services Brand for 2025. The accolade was conferred as part of Brand Africa's 15th annual Africa's Best Brands report, based on an independent study conducted across 31 countries throughout the continent. The Africa Best Brands study is described as the most comprehensive, research-based ranking of Africa's most admired brands. Released annually during Africa Month (May), the survey is independently conducted by GeoPoll and Kantar, with strategic insights and rankings led by Kantar and Brand Leadership, Africa's leading brand advisory firm, and supported by regional experts across the continent. 'We are delighted to receive an accolade that is distinguished by being authentically African, data-driven and consumer-led. This acknowledgement reflects the trust that we have built and our commitment to providing consistently excellent service to our clients across the continent,' says Sim Tshabalala, Chief Executive, Standard Bank Group. 'Africa is our home, and we strive to drive her growth every day. This award reaffirms our Africa focus by being rooted in research that relays the continent's voice and vision. As the most comprehensive barometer of consumer brand preferences, this award reflects our uncompromising commitment to our diverse client base and driving value for all stakeholders. We are grateful to our employees who have made this achievement possible,' concludes Margaret Nienaber, Chief Operating Officer, Standard Bank Group. Earlier in the year, Standard Bank was named Africa and South Africa's Most Valuable Banking Brand by Brand Finance. As Africa's biggest bank by assets, Standard Bank has a brand presence across 20 African countries. DM
News24
19-06-2025
- Business
- News24
Standard Bank named Africa's most admired financial services brand
Standard Bank, Africa's biggest bank by assets, has been named as Africa's Most Admired Financial Services Brand for 2025. The accolade was conferred as part of Brand Africa's 15th annual Africa's Best Brands report, based on an independent study conducted across 31 countries throughout the continent. The Africa Best Brands study is described as the most comprehensive, research-based ranking of Africa's most admired brands. Released annually during Africa Month (May), the survey is independently conducted by GeoPoll and Kantar, with strategic insights and rankings led by Kantar and Brand Leadership, Africa's leading brand advisory firm, and supported by regional experts across the continent. 'We are delighted to receive an accolade that is distinguished by being authentically African, data-driven and consumer-led. This acknowledgement reflects the trust that we have built and our commitment to providing consistently excellent service to our clients across the continent,' says Sim Tshabalala, Chief Executive, Standard Bank Group. 'Africa is our home, and we strive to drive her growth every day. This award reaffirms our Africa focus by being rooted in research that relays the continent's voice and vision. As the most comprehensive barometer of consumer brand preferences, this award reflects our uncompromising commitment to our diverse client base and driving value for all stakeholders. We are grateful to our employees who have made this achievement possible,' concludes Margaret Nienaber, Chief Operating Officer, Standard Bank Group. Earlier in the year, Standard Bank was named Africa and South Africa's Most Valuable Banking Brand by Brand Finance. As Africa's biggest bank by assets, Standard Bank has a brand presence across 20 African countries.
