firstrand empowerment foundation

The FirstRand Empowerment Foundation (FREF) was established in 2005 as part of FirstRand Limited’s broad-based black economic empowerment (B-BBEE) transaction

The parties to the foundation are FirstRand Limited, FirstRand Bank Limited, Kagiso Charitable Trust, the WDB Trust, WDB Investment Holdings Proprietary Limited, the Mineworkers Investment Trust and MIC Financial Holdings Proprietary Limited

FREF’s objective is to reduce poverty and inequality by undertaking and/or supporting public benefit activities that result in B-BBEE

The majority of FREF's trustees are black persons as defined in the Financial Sector Charter

focus areas

The B-BBEE transaction vested in 2014. Following this vesting FREF has a significant unencumbered endowment of FirstRand shares. The dividend income from these shares is used to address poverty, unemployment and inequality through systemic social investments within the strategic focus areas outlined below.

Agri-systems

Aims to transform and strengthen the agri-value chain and unlock the value of assets.

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Climate change response

Aims to invest in climate action to reduce impacts on livelihoods.

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Gender-based violence and femicide (GBVF)

Aims to address gaps in GBVF responses through prevention, rebuilding social cohesion, economic empowerment, research and information systems.

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Healthcare value chain

Aims to provide support throughout the healthcare value chain to enable the participation of black people.

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Quality education

Aims to improve the quality and availability of education and training for black South Africans, i.e. providing access to quality education, strengthening the capacity of higher education institutions and equipping unemployed youth with skills and income opportunities.

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trustees

FirstRand Empowerment Foundation trustees