The past year has without a doubt been among the most challenging in our history. The weakening South African economy, compounded by the global economic meltdown has put immense pressure on the motor industry, as well as many of our intermediary partners in the equipment and light-aircraft industries. It is during these challenging times that one needs to remember the core values of one’s organisation.
During the past 12 months we had to make a number of tough decisions, particularly in respect of cost cutting initiatives which included an employment freeze. While there have been changes within the company, we have maintained our focus on being the employer of first choice and have spent more time and effort communicating with our staff than ever before. WesBank retained first place in the Deloitte’s Best Company to Work For survey in the large company category, which sends a clear message about the commitment and calibre of our people.
We continue to see the importance of our joint venture strategy with leading motor and industrial equipment manufacturers. During the reporting period, we were proud to launch new joint ventures in the form of Cat Financial, Land Rover Financial Services, Jaguar Financial Services and Dekra.
The Home of WesBank in Fairland continues to illustrate the importance we attach to being a good corporate citizen, particularly in regard to the impact we have on the natural environment. The building received the overall award for Innovative Excellence in Property Development as well as the top place in the Office Developments category at the 2009 SAPOA Awards for Innovative Excellence in Property Development.
Even in these economically challenging times making a sustainable difference in underprivileged communities remains a key focus for WesBank. The current global food crisis has also affected South Africa. Creating and ensuring sustainable food security at the micro community level is therefore becoming an increasingly important focus area for the WesBank Fund. We have also recognised the role that our procurement practices play in contributing to economic development and will continue to find sustainable efficiencies within our value chain. Similarly, our Kaizen philosophy remains a strategic imperative for WesBank and during the 2008 Kaizen Challenge, WesBank completed 209 projects resulting in a saving of R 28 million through operational efficiencies. The 2008 challenge was the third annual Kaizen Challenge and this obsession for continuous gradual improvement has been successfully embedded into the WesBank culture.
To have the discipline of following a set of sound sustainability management principles is not something an organisation turns on and off depending on the business cycle. At WesBank, we remain as committed as ever to creating a sustainable business model for all of our stakeholders. Having said that, we have not wasted a good crisis and the changes made during the last year will help us emerge from the cycle as a more sustainable, efficient and successful operation for our staff, customers, business partners, suppliers and communities.
