Capitec Bank Boosts Oversight with Director Appointments

In a significant move aimed at enhancing corporate governance and financial expertise, Capitec Bank Holdings Limited and Capitec Bank Limited have appointed two new independent non-executive directors to their respective boards. The appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay mark a milestone in the banks’ efforts to fortify their leadership and oversight capabilities.

Strengthening Independent Oversight

With an unwavering commitment to bolstering independent oversight, Capitec Bank Holdings Limited and Capitec Bank Limited have brought onboard two highly experienced professionals. These new directors are expected to contribute their extensive financial, technological, and strategic expertise to the organizations.

Meet the New Directors

Naidene Ford-Hoon

Naidene Ford-Hoon, a chartered accountant with over 25 years of work experience, has an impressive track record in the financial services sector. Holding a BCom and B Compt Hons, Ford-Hoon has previously served as the Group CFO of the South African Reserve Bank (“SARB”), where she played a pivotal role in managing the financial operations of this critical institution. Her financial expertise extends to other organizations, including Alexander Forbes Group Holdings Limited and AFGRI Financial Services (Pty) Ltd, where she held the position of Financial Director.

Notably, Ford-Hoon has also contributed her financial acumen to the board of Telkom SOC Limited. Currently, she serves on the boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors (“IRBA”), and Knysna Initiative for Learning and Teaching. Her extensive experience makes her a valuable addition to the boards of Capitec Bank Holdings Limited and Capitec Bank Limited.

Nadya Bhettay

Nadya Bhettay, another chartered accountant, brings a wealth of experience in mergers and acquisitions, strategic implementation, and business operations management within the telecommunications and technology industries. Bhettay holds a Bachelor of Business Science in Finance and a Post Graduate Diploma in Accounting.

Her previous roles include serving as Finance Director for Vodafone Ireland, where she played a crucial role in overseeing financial matters. Additionally, she held the position of Chief Strategy and Business Development Officer for the Vodacom Group and Chief Operations Officer for Vodacom Business Ventures and Strategic Partnerships.

Bhettay currently serves on the board of Endeavour South Africa, where her strategic and financial expertise is expected to drive growth and innovation.

Changes to Audit Committees

In addition to their appointments to the boards, Mses. Ford-Hoon and Bhettay have been appointed to the Audit Committees of both Capitec and Capitec Bank. These committees play a critical role in overseeing audit-related matters, ensuring transparency, and maintaining the highest standards of financial integrity.

The New Audit Committees

Here is a summary of the updated Audit Committees for Capitec and Capitec Bank:

These changes reflect the commitment of Capitec and Capitec Bank to strengthen their corporate governance, financial oversight, and accountability measures.

A Positive Step Forward

The appointment of Mses. Naidene Ford-Hoon and Nadya Bhettay brings a wealth of experience and expertise to Capitec Bank Holdings Limited and Capitec Bank Limited. As independent non-executive directors, they will contribute to the robust governance framework and help steer these financial institutions towards continued success in the South African banking sector.

These changes, effective from September 7, 2023, represent a positive step forward in ensuring that Capitec and Capitec Bank maintain their commitment to transparency, financial stability, and strategic growth. With these additions to their boards and audit committees, both entities are well-equipped to navigate the dynamic financial landscape of South Africa and the evolving needs of their customers.