Background

Established in 1994 with seed capital of R500 000, in 1999 WIPHOLD became the first women’s group to be listed on the Johannesburg Stock Exchange (JSE). It de-listed in 2003 in order to increase the economic ownership of black women in the company.

Quietly at the forefront of real transformation over the years, WIPHOLD has aimed to combine both a robust business model and a development focus, proving that this can be done successfully and to the benefit of all stakeholders. “Our approach has always been broad-based,” says Louisa Mojela, chairperson, group chief executive officer and co-founder of WIPHOLD, “because we believe in active empowerment, wealth creation and community support, rather than depending on the ‘trickle-down effect’.”

“Of course, it hasn’t always been an easy ride, but we have weathered the tough times and have become stronger, more effective and more successful with time. “The company has matured; it is stable and has depth. And throughout our own development process, we are proud to say that we have stayed true to our vision of enabling and empowering women from grassroots level up.”

Chief executive officer of Wipcapital and co-founder of WIPHOLD, Gloria Serobe, concurs, “We believe that we have pioneered a new way of doing business. Despite the challenges, we have managed to create an investment group that is genuinely focused on the triple bottom line; on people as well as profits.

“WIPHOLD has become a South African institution, one whose vision is firmly rooted in sound principles and values, and one that is firmly built on the skills of top people who are recruited for their vision, drive and expertise, regardless of race, gender or age. “Impeccable corporate governance, integrity, honesty, accountability to all stakeholders, and a commitment to pushing the boundaries are non-negotiable components of our overall philosophy.”

WIPHOLD was the first black empowerment company to establish a permanent broad-based shareholding that includes 1 200 direct and 18 000 indirect beneficiaries through the WIPHOLD Investment Trust, and over 200 000 beneficiaries through the WIPHOLD NGO Trust. Together these two trusts own 35% of WIPHOLD.

“The empowerment we aim for is not average empowerment,” says Mojela, herself a happy grandmother who aims for a balance between business success and family life. “We aim for – and have achieved – a general form of empowerment that benefits not only the thin upper stratum of successful women, but women as a whole, including the poorest and the most disadvantaged in our urban, peri-urban and rural areas.”

“Our vision for WIPHOLD was to create a business owned and managed by black women that would benefit black women,” says Louisa Mojela, “and that goal defines everything we do.“ Half of the company’s shares are held by black women, all of the executive directors are black women, the board is entirely composed of women, and, of the shares held by management and employees, 70% are women-owned.

“In addition, distributions to broad-based empowerment shareholders total R61 million. Mojela notes further that “while the majority of employees are black women, this does not mean that men do not have a vital role to play at WIPHOLD. “Although we aim to employ as many black women as possible in alignment with our strategy, our policy is to recruit the best people for the job, regardless of race, gender, creed or age.”