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Bloomberg News reports that some SA financial institutions are not prioritising succession planning for critical roles, leaving banks and insurance companies overly dependent on current personnel, says an industry regulator.
For some large banks, the risks increase as board members retire, leaving lenders without “ready now” successors, according to the Prudential Authority (PA). Smaller banks and insurers are losing talent to bigger rivals who can pay more for scarce skills, while also grappling with rising emigration that limits their ability to retain and attract expertise, the regulator warns. “In certain instances, there was insufficient coverage of successors across the boards, executive committees and other key roles, giving rise to key person dependency,” the PA points out in its annual report for 2022/23. “In addition, some of the identified successors were already occupying other senior roles or had been identified as successors for other positions.” The report comes months after SA’s fourth-biggest lender Nedbank Group said it was searching for a successor for CEO Mike Brown. Smaller, but more niche bank Investec is also scouting for a replacement for Richard Wainwright, head of its SA business, when he steps down in 2024.
- Read the original of the short report in the above regard by Adelaide Changole at BusinessLive (subscriber access only)
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