The FM has championed free markets and deregulation since its launch in 1959 — inspired by the classical liberal philosophy of The Economist, the iconic British publication.
So, it is distressing to hear from Stanlib chief economist Kevin Lings that South Africa is the world’s most regulated economy. Arguably, this is nowhere truer than in the field of transformation — the redistribution of wealth and the fast-track appointment of black executives.
But statistics compiled by the Association for Savings & Investment South Africa (Asisa) suggest there is some benefit from these regulations. Asisa is a lobbyist for two important subsectors of the financial services industry — life offices and asset managers.
But it could be argued Asisa glosses over the fact that the black numbers include a high number of Indians, in particular, and to a lesser extent coloured executives and directors
Life offices have not quite achieved their race targets, but Asisa statistics show progress at the executive management level towards reaching the 60% black target. The proportion of black executives in the C-suite has risen from 29% in 2018 to 47% in 2024, and — even more heartening — that of black women rose from 8% to almost 25%, against a target of 30%.
In fund management, board representation by black executives has exceeded the 50% target since 2020, reaching 55% in 2024. But it could be argued Asisa glosses over the fact that the “black” numbers include a high number of Indians, in particular, and to a lesser extent coloured executives and directors. By that measure, black Africans, who make up 80% of the population, are still sharply underrepresented.
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