Financial Services Sector Financial Services Sector Ownership through Ownership through

Transformation:Transformation:Fact or FictionFact or Fiction

Vic van VuurenVic van Vuuren

Transformation Progression Transformation Progression PathPath

Started Slow = Social Conscience Started Slow = Social Conscience Gained Momentum =Insurance Gained Momentum =Insurance Now on track = Business ImperativeNow on track = Business Imperative

Industry Characteristics when Industry Characteristics when considering ownership through considering ownership through

transformationtransformationConservative by natureConservative by natureProfessional Skills = actuaries and Professional Skills = actuaries and

accountantsaccountantsLow union activityLow union activityDominated by white womenDominated by white womenHistorical lack of broad industry Historical lack of broad industry

training planstraining plans

Transformation factors affecting Transformation factors affecting industry industry

LegislationLegislationEmployment Equity ActEmployment Equity ActSkills Development ActSkills Development Act

Skills shortagesSkills shortagesFinancial Services Sector CharterFinancial Services Sector CharterBusiness ImperativeBusiness Imperative

Key Challenges for Successful Key Challenges for Successful Transfer of Industry OwnershipTransfer of Industry Ownership

Successful Implementation of CharterSuccessful Implementation of Charter Y2k comparisonY2k comparison Leadership commitment to training and Leadership commitment to training and

developmentdevelopment Management of industry churningManagement of industry churning Training and development Training and development Training and developmentTraining and development Training and developmentTraining and development Training and developmentTraining and development

Viva Viva Financial Services Financial Services

Sector Sector vivaviva