Achievement Demonstrates Continued Commitment to South African Economic Empowerment
SEI (NASDAQ: SEIC) announced that its South African business, SEI Investments South Africa (Pty) Limited, achieved a Level 2 Broad-Based Black Economic Empowerment (B-BBEE) Rating, scoring more than 95 points on its B-BBEE Certificate.
“We are exceptionally proud of our long-standing commitment to the South African market,” said Paul Klauder, Executive Vice President and Head of SEI’s Institutional Group. “We consider ourselves market leaders in this regard, bringing global best practices to a host of South African clients and a strong belief in the B-BBEE’s agenda for transformation.”
SEI completed its first in Black Economic Empowerment transaction in 2018 by concluding a share ownership deal with South African staff. SEI earned this rating by meeting B-BBEE requirements in the following elements:
- Management Control
- Skills Development
- Enterprise and Supplier Development
- Socio-Economic Development
“Achieving this rating is a notable accomplishment and testament to SEI’s commitment to socio-economic development initiatives and driving a more inclusive economy,” said Santoshi Jugmohun, Managing Director and Head of Operations for SEI’s Institutional Group in South Africa. “One of the major objectives of B-BBEE is to promote economic transformation in order to enable meaningful participation of previously disadvantaged people in the South African economy—both directly and through the multiplier effect of preferential procurement.”
SEI Investments South Africa (Pty) Ltd. complies with the requirements of the Financial Sector Transformation Council (FSTC). The FSTC requires all financial institutions in South Africa to submit a valid B-BBEE certificate or Affidavit to evidence that the company is complying with the requirements.