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05 March 2020 | 5 - 8 min read
For the second consecutive year, the Momentum Metropolitan Holdings Group (MomMet) has retained its Level 1 Broad-Based Black Economic Empowerment (B-BBEE) status under the revised Financial Sector Code (FSC).
Last year Momentum Metropolitan became the first major insurance group to reach Level 1 B-BBEE. This rating applies to all companies within the Group, including the client-facing brands Metropolitan, Momentum, Multiply (its rewards and lifestyle wellness programme), and specialist brands, including Guardrisk and Eris Property Group.
“We are pleased with the outcome of the verification audit, as well as our progress towards setting a leading example within the industry. Transformation continues to be an important business priority for Momentum Metropolitan. Following last year’s results, we concentrated on a key empowerment areas within the Group as well as strategic initiatives that we believe will make a positive difference to our industry,” says Lehlohonolo Mokomela, Group Head of Transformation at Momentum Metropolitan.
In maintaining its Level 1 status, the Group focussed on priority elements that have been identified as significant in delivering transformation. These include:
“Our skills development expenditure on learning programmes for African people across all management levels increased. Had it not been for the sluggish economy, we would have been in a position to absorb more unemployed people from our learnership and internship programmes,” says Mokomela.
Youth employment and financial education continued to be a priority for the Group. This focus included increasing support of youth development initiatives, building strategic partnerships with organisations with a similar focus and proven sustainability, as well as aligning the CSI strategy solely to youth employment. Equally, the Group ramped up their support of small and black-owned businesses by directing more procurement spend towards black women-owned businesses and providing greater access to empowerment financing and business development support.
“We are mindful of the added focus that will be required once the improved three-year targets for Preferential Procurement come into effect from 1 December 2020. These include increasing preferential procurement, skills and supplier development of Qualifying Small Enterprise (QSE) and Exempt Micro Enterprise (EME)-empowered suppliers with 51% black ownership, as well as larger entities which are 51% black owned on a flow-through basis. We will continue our steadfast focus on transformation in order to further effect social change – within our organisation and in South Africa,” says Mokomela.
“Retaining Level 1 status shows that we are moving in the right direction and focusing our energies on the critical areas that require attention. We also know that whilst we have achieved some success, there is more work to be done to further transform our business. We will continue to work hard to be an active player towards creating a transformed industry. I thank our board, staff, suppliers and all stakeholders who continue to share our vision and support making a positive difference in our country,” concludes Hillie Meyer, Momentum Metropolitan Group CEO.
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