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Chairman's Speech - Gill Marcus Dinner

Her Excellency, Madame Governor of the South African Reserve Bank,
Deputy Governors,
His Excellency the Ambassador of France
Deputy Minister Dlamini,
MECs, Director Generals,
Fellow Members of the Black Business Executive Circle,
Our sponsors,
Members of the media
Invited guests

Good Evening

It is my singular pleasure to stand before you this evening to celebrate such a significant moment in our history,

• A moment that will make its mark for generations to come… not just in this country but on this continent.
• A moment in our very young democracy, where the past had been contaminated with such evil policies that discriminated not only on the basis of colour, but equally on the basis of gender
• A moment where we can come together, in a strong and stable economy, despite what is befalling our more affluent trading partners and the world at large,
• A moment where black business leaders, entrepreneurs and pioneers of business stand together in pride and joy
• A glorious moment to celebrate the appointment of a phenomenal woman at the pinnacle of our most vital economic institution,
• A moment to celebrate our new Governor, Ms Gill Marcus.

Let me start-off by saying that speeches are like babies - they are easy to conceive but difficult to deliver.

But this difficult task is greatly eased by the greatness and humility of the person in whose honour we are gathered here.

Allow me to firstly start off by just saying a few words about BBEC - your host tonight. BBEC is an organisation that has traditionally and very deliberately chosen to do many things quietly. For the past 4 years, we had the humbling honour of the Chairman of BBEC also being the Chairman of the Presidential Black Business Working Group - where we worked very closely with our sister organisations in Black business. We are at the moment a member organisation of the newly formed but vibrant Confederation of Black Business Organisations, CBBO. Amongst other things, we have very off record Round Tables with very key political and business leaders - where we seek to quietly influence relevant policy. We have also made visits to over 10 African countries to interact with their respective political and business leaders - and have been fortunate to have always been received by all the respective Heads of State.

And back to the main issue.

Oscar Wilde said "Anybody can sympathize with the sufferings of a friend, but it requires a very fine nature to sympathize with a friend's success"

And perhaps we should take a moment to reflect on this celebration of success. Gill comes to the helm at a time when not only the country is reeling from an economic crisis, but the entire world has suffered various waves of it.

This term of office will be measured not on the plan for weathering and surviving the storm, but will be measured by the pace, innovation and sustainability of the recovery after the storm.

At this moment, let me just deflect the spotlight off Gill for just a second, and pay tribute to her predecessor, the erstwhile Governor, Mr Tito Mboweni. Having come with strong struggle credentials, I am sure, you will agree with me, Tito was an Governor extraordinaire of our Central Bank. He had steered the ship through some very treacherous waters, and today could stand proud of his pronouncements which has benefited us as an economy whilst others crumble.

Gill's primary goal, as mandated by the citizens of this country, is the achievement and maintenance of price stability in the South African economic system". As Oscar said, ... to sympathise with a friend's success.

But, as will be unpacked through the evening, Gill has come to the helm armed to the teeth with knowledge, skills, tools, experience, and most importantly, a very supportive base. This can only stand in very good stead for her success.

It seems like our newly appointed Governor was put through some formidable Journey to have arrived at this juncture of her life. She stood as a man amongst men in the struggle, she sat at the negotiating table across her adversaries to give birth to a democracy in her beloved country, she served in the first democratically elected parliament, she deputized in the most critical economic ministry of this country, she played a significant role at the very central bank she now heads, she sharpened her academic skills into a Professorship, she chaired the largest bank in the country, she was involved in mining. Need I say more.

With these credentials, we are secure in the knowledge that our monetary policy is in good hands.

When the announcement of Gill's appointment was made, my predecessor, the ex-Chairman of the Black Business Executive Cirlce immediately wrote to inform Gill that we would like to celebrate her.

BBEC is home to Senior business leaders at the pinnacle of Black Business thought leadership in South Africa. The members, who eminate from diverse economic sectors, hold very senior positions at Executive level in their respective blue chip organizations. Our membership is thus intrinsically involved in all aspects that effect this country's macro economic policies.

Tonight , we felt and saw it fit that the appointment and the nature of Gill’s position was of such importance and interest to the Economy, the Country and the BBEC members as a whole, that it was the right thing to have this celebration separate to the regular KAELO awards that we hold. We wanted to have this evening to not only offer Gill and her team at the Reserve bank our congratulations and support in the task that lays ahead for the next few years, but also to add our voice as Black Business Executives in the ongoing dialogue and discourse around the critical issues that our economy and country is facing.

Some of the issues that we believe we would like to be engaged on, one way or another at some point are,

• The debate on Inflation Targetting
• How much influence, if any, should government have on the issues of the strength or weakness of the currency,
• The debate of whether we are looking at the right economic levers within the Reserve Bank to deal with unemployment and that very important other issue...interest rates?

Ms Marcus, our list can be endless, I suppose like all the other stakeholders that might have engaged with you since the announcement of your appointment was made. So, recognising that we are not the only ones’ concerned about these issues, perhaps suffice to say, the BBEC also would like to register itself as an interested party in these matters.

We are truly excited and comfortable as this organisation that our economy and monetary policy is in your hands. Many people have said many complimentary things about why your appointment is welcome and appropriate. We support that, but maybe from also a different perspective.

We support your appointment because you have your feet firmly on the ground, and your head is not in the clouds
We support you because we respect and admire your strong character and independence
We support you because we are always inspired by your COURAGE to differ, not only for the sake of being disagreeable, but because we know that when you differ, you do so from a principled but pragmatic perspective, AND
Lastly, we support you because of your AUTHENTICITY as a person, and a South African Leader!

We know that whilst others will still be trying to figure you out, that you will already be miles ahead doing what you do best, Making a Difference to the lives of all South Africans, especially the ordinary people. For that we Salute you!

We as BBEC are here today to support, celebrate and spur you on to be the best Reserve Bank Governor that there can be, in the world. More importantly, to offer you Membership of BBEC as you are an Executive as well.

Some people asked the question when you were appointed, is Gill not too white? Our response is that, she just happens to be on the lighter shade of the Black complexion!! We hope you accept the membership of BBEC for as long as you hold your current position!

I Thank You