Nedcor Limited - Advocate Selby Baqwa To Join Nedc
NEDCOR LIMITED - ADVOCATE SELBY BAQWA TO JOIN NEDCOR
Nedcor is pleased to announce that Advocate Selby Baqwa, currently the Public
Protector of South Africa, will join the Nedcor group in October in the newly
created role of Head of Corporate Governance.
The creation of the new position reflects the growing demands on companies, both
globally and locally, to conform to the highest corporate governance standards.
The King II report, published earlier this year, attaches great importance to
the concept of the "triple bottom line" whereby companies are expected to report
not only on their financial performance but on all the governance impacts of
delivering this performance too.
Advocate Baqwa will have responsibility for ensuring that Nedcor observes the
highest standards of governance across the entirety of the triple bottom line.
His activities will impact on all the key audiences of the bank - customers,
staff, investors, suppliers, regulators and the public at large.
Baqwa`s appointment comes in the wake of Nedcor being ranked second in the South
African section of the Euromoney magazine survey of corporate governance in
emerging markets. The July edition of the magazine surveyed 184 companies across
emerging markets. Both Nedcor and BoE (which placed third in the same survey)
finished comfortably higher than all of their banking peer group. The survey
looked at five different categories: ownership transparency; financial
transparency; board structure and process; stakeholder relations and managerial
interests. Nedcor scored 100% for board structure and process, and 96% for
financial transparency.
On the appointment of Advocate Baqwa, Nedcor chairman Chris Liebenberg said:
"We are delighted that Selby has decided to join the Nedcor group. He has built
a wonderful reputation in his current role for integrity and effectiveness. He
will bring the same qualities to bear at Nedcor and will be a huge asset to the
group. Great companies can only be built by winning the trust of all their key
stakeholders. This is the governance challenge. It is one we afford the highest
priority, and there could be no clearer evidence of this than Selby Baqwa`s
appointment into this new position."
Ewald Muller
Investor Relations
Nedcor Limited
+27 11 294-9027
Date: 22/07/2002 01:37:48 PM Produced by the JSE SENS Department
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