In a first for the savings and investment industry, the industry body, the Association for Savings and Investment South Africa , released a transformation report this week, showing the transformation progress made by its members over the three years from 2018 to the end of 2020.
The outgoing chief executive of Asisa, Leon Campher, says while there has been a steady improvement in the transformation of life offices and asset managers, the report also shows that more remains to be done. In the consumer education category, the Amended FSC scorecard stipulates a spend of 0.4% of the previous year’s net profit after tax. However, the industry’s combined efforts amounted to 0.29% in 2018, 0.37% in 2019 and inched up to 0.38% in 2020.
Campher points out that the most significant progress was recorded for the ownership element of the BBBEE scorecard, which measures the extent to which black people own equity in a company.
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