Just as RECM provides capital to businesses, which enables them to strengthen and grow, the RECM foundation wishes to invest in people using the same philosophy.
The RECM Foundation Trust is a broad-based ownership scheme (B-BOS) as defined by the codes of Good Practice on Broad-Based Black Economic Empowerment (B-BBEE) gazetted under the B-BBEE Act, where at least 85% of its activities benefit Black South Africans, and 40% benefit Black Women.
The Foundation is a registered NPO (non-profit organisation) and PBO (public benefit organisation).
South Africa has a rosy future if its youth are well-educated. Access to quality early childhood development plays a fundamental role in achieving an educated society able to play a meaningful role in the socio-economic development of their communities, thereby helping to mitigate poverty and unemployment, and helping to build an inclusive, caring and successful future society.
The Foundation mainly aims to contribute to the field of early childhood development in a well-defined, strategic and sustainable manner. Other initiatives could also be considered.
Through the financial support of initiatives that increase the capacity of existing organisations in delivering early childhood development programs and services the foundation aims to have a positive impact on the greater education sector.
Board of Trustees
The RECM Foundation is an independent trust, governed by its board of trustees. The trustees are all independent of RECM itself, although the trust can co-opt employees from associate companies of RECM. Trustees give of their time without remuneration.
The trustees appreciate that good governance is essential for the RECM foundation to deliver sustainable value, enhance business integrity and maintain the confidence of all stakeholders, particularly its beneficiaries.
The Board’s key roles and responsibilities are:
- Promoting the interests of all stakeholders
- Formulation and approval of strategy and spend
- Oversight of the investment of foundation resources in line with the strategy and sustainability plan
- Ultimate accountability and responsibility for the performance and affairs of the Foundation
Ms Farahnaaz Akherwaray (chairperson)
Farahnaaz is a director of Themis Commercial Legal Advisors (Pty) Ltd and Hayes Incorporated and specialises in commercial matters especially in relation to the National Credit Act, 2005 and the Companies Act, 2008.
Farahnaaz completed her LLB degree with the University of Cape Town in 2006 and thereafter attended the University of Cape Town’s School for Legal Practice.
She completed her articles of clerkship with Hayes Inc. in 2011 and was subsequently admitted as an attorney of the High Court of South Africa.
Mrs Zanele Matlala
Zanele joined the Merafe Resources Board in 2005 as an independent non-executive director. She was appointed Merafe’s Chief Financial Officer on 1 October 2010 and Chief Executive Officer on 1 June 2012.
She is a non-executive director of Dipula Income Fund, Stefanutti Stocks Holdings Limited, RAC Limited and Royal Bafokeng Platinum Limited.
Mr Rodger Walters
Rodger is the Chief Financial Officer of ASISA (The Association for Savings and Investment South Africa). ASISA represents the collective interests of the country’s asset managers, collective investment scheme management companies, linked investment service providers, multi-managers and life insurance companies.
Previously, Rodger was a fund manager with Momentum and before that, RECM. He is a CA(SA) and CFA charterholder.
Since inception in 2011 the Foundation has contributed to various organisations and causes through a consultative process with RECM staff. Historically, it has supported diverse organizations such as:
- The Centre for Early Childhood Development
- The Hangberg Educational Trust
- The Umtshayelo Foundation
- The Unogwaja Charitable Trust
- The KIKA Trust
- Eagle`s Nest Ministries
In 2020 the trustees took a decision to revise the grantmaking strategy in an attempt to create a greater impact in the particular focus area of early learning through its partnership with the Centre for Early Childhood Development (CECD).
The CECD focuses on improving the education and care of children from disadvantaged communities through advocacy, promotion, support, awareness creation, building of stakeholder partnerships, knowledge dissemination and training.
The CECD works with communities, organisations, individuals and parents thereby offering a holistic approach to addressing the fundamental issues the foundation wishes to address.
The CECD not only drives world class programs, but provides the appropriate monitoring and evaluation offering the foundation both quantitative and qualitative feedback on grants, short and long term impact as well as learnings based on actual outcomes.
Currently the Foundation is solely reliant on donations from individuals and corporate citizens to fund its endeavours. The trustees aim, over time, to move the Foundation from a place of reliance to one of independence and strength through its shareholding in Beagle.
Beagle is a B-BBEE investment company, the aim of which is to ultimately pay consistent and growing dividends to its shareholders (including the Foundation, which is a cornerstone investor). Historically, the Foundation has invested all its surplus cash into Beagle.
To date, the investment outcome for Beagle has been successful, benefiting the Foundation in two ways: one, it enabled the Foundation to build a strong capital base, and two, that it will soon be in a position to pay meaningful dividends. This will allow the Foundation to implement a long term and sustainable grant making programme through which to build even stronger partnerships and create greater impact.