Standard Bank Top Women Leaders marks 20 years of celebrating women
For two decades we have steadfastly dedicated the pages of Top Women Leaders to celebrating those who have contributed to building a future of equality, empowerment, opportunity, diversity and dignity in our country.
Future of HR Conference: Unlocking the new code of work
This October, the Future of HR Conference 2025 will unlock what it really means to embrace the new code of work.
From owning your space to daring to become a success: 7 books with practical tips from inspirational women
By Keshia Africa Over the last ten years, the career landscape for women in entrepreneurship has changed tremendously. Women have single-handedly redefined what modern entrepreneurship looks like, in the world of business. Today we take a look at inspirational South African women in business and the books that they’ve written. If you’re a woman in business, looking for inspiration and advice on how to overcome the odds that have been stacked against you, this list is for you: 1. Meeting Your Power: Returning Home To Yourself by DJ Zinhle and Nokubonga Mbanga Entrepreneur and Dj, DJ Zinhle and business coach Nokubonga Mbanga, co-wrote this book. Both women tapped into their lived experiences as women in business and within their personal lives and shared their lessons with us. Meeting your power was written to ignite the desire you have within yourself, to do great things and also be great while doing so. If you want to be an empowered woman, this is the book for you. 2. Own Your Space by Lori Milner and Nadia Bilchik These two authors have successfully navigated the corporate world and also assisted other women in doing so. If you ever wondered if there was a toolkit for women in the world of work, this book is it. The book is filled with guidance, practical advice, disciplines and techniques specifically designed to help you tap into your true potential. The authors have focused this book on women who want to take their career to the next level. Does this sound like you? 3. Nothing is Impossible by Anthea Ambursley Anthea Ambursley is an award-winning entrepreneur. She experienced many highs and lows as she embarked on the journey of creating successful business ventures. Because of this, she realised how much she had to share with the world. Packed with valuable and practical insights, Nothing is Impossible is the book for any entrepreneur; which will help you set and achieve the goals you want to, in your own business. 4. Keep Going by Keneilwe Magula Keneilwe Magula, aside from being an author, is a certified life coach, entrepreneur and NLP practitioner. Adversities and challenges are all a part of the journey in our careers. Kenielwe lives and believes that life is a journey, and it is how we respond to it, that will impact how it plays out. She encourages readers to navigate the journey and be reminded that your current location is not your final destination, and you should, Keep Going. 5. The Business Tango by Anna Shilina Placing the microscope on entrepreneurship and intrapreneurship, author Anna Shilina compares business to the tango – a dance that requires strategic planning, continuous effort and hard work. This book was written from her experience combined with that of other business professionals from various fields within entrepreneurship. If you love to read about someone’s personal experience that provides thought-provoking questions to your own life, this is the book for you! 6. Dare to become a Success by Mulenga Kasoma We all have hopes and dreams in this world, and things we’d like to achieve. However, for many of us, that’s all they are. Mulenga Kasoma’s book speaks about the courage it takes to put action behind those goals and how everything you desire is on the other side of discipline. This book is full of practical guides designed to help you move your life from where you are to where you want to be. Start succeeding in your life, stop making excuses and Dare to become a Success! 7. Power in the Paddock by Yolanda Sing Author and entrepreneur, Yolanda Sing’s life, and corporate career came to a standstill when she fell ill with a malignant brain tumour. It was in her time of recovery that she realised how much she had to share with the world; specifically, those caught in careers that are very demanding and no longer inspirational. Yolanda’s book shares how she became an entrepreneur on a mission through building her own company, after surviving a life-threatening condition. Her book is filled with hope, healing and transformation and written to show you that even in moments of despair, hope can arise within you.
One in a 100 000: Resolving workplace disputes
By Jessie Taylor South African employees have various options to challenge unfair practices in the workplace, from courts to bargaining councils. One organisation protecting employee rights is the Commission for Conciliation, Mediation and Arbitration (CCMA). The CCMA deals with over 100 000 cases yearly, most relating to allegations of unfairness against employers. Among the issues raised with the CCMA are discrimination, unfair dismissals, retrenchments, the provision of benefits, suspensions, warnings, whistle-blowing and sexual harassment. Around 60% of cases referred to CCMA arbitration are resolved in favour of the employee. The Labour Relations Act makes it very easy for employees to challenge alleged unfair dismissals and other unfair practices at private or statutory dispute resolution forums. Along with private firms, employees often have access to the dispute-resolution arms of bargaining councils and the Labour Court. However, one of the most popular bodies for addressing conflict in the workplace is the CCMA.This is the forum to be used by those industries that do not have their own bargaining councils, such as retail, IT, security, financial services, and others. The CCMA is a statutory body established in terms of Section 112 of the Labour Relations Act, and draws its legislative mandate principally from Section 23 of the Constitution. It is an independent body that neither belongs nor is affiliated with any political party, trade union or business. The CCMA derives its mandate from the purpose of the Act, which is to “advance economic development, social justice, labour peace and the democratisation of the workplace”. The CCMA is mandated to: If you have a labour problem, take steps immediately. In the case of an unfair dismissal dispute, you have only 30 days from the date on which the dispute arose to open a case. With discrimination cases, you have six months. If a party does not comply with the arbitration award, it may be made an order of the Labour Court. The matter will go to the Labour Court instead of arbitration if the dispute relates to multiple retrenchments, strike dismissals, or unfair dismissals. The arbitration or Labour Court hearing would normally take place at a later date. Sources: CCMA | Labour Guide
Why risk should inform financial decision making across all three parts of your business
By Carlos Martins When operating an import or export business in South Africa, you could be forgiven for assuming that volatile currency movements are the sum of “risk” that your organisation might face in financial markets. The reality is that if you don’t have a Treasury and Risk Management matrix in place, this will have a knock-on impact to all parts of your business. If one researches the word “risk”, they will discover that it has its origins in the 1660’s and derives itself from the French word “risqué” which refers to “hazard, danger, peril, exposure to mischance or harm”. It appears in English in the early 1700’s and refers to the “hazard of the loss of a ship, goods, or other properties” – the word is perfectly aligned with the challenges of import and export operations. Every ship needs a captain and a bosun. It is the bosun’s task to guarantee the operation of the ship and crew so that the captain may guide it. The key benefit of your Treasury function is to act as the bosun who will provide you as the entrepreneur or finance arm of a business with a clear overview of all the financial risks across your business and help you make informed decisions to maximise profit and reduce risks. Irrespective of your industry and structure, all businesses have 3 core parts that are exposed to a degree of financial risk: An integrated Treasury function will not only ensure risk is managed holistically – but will assist Financial Management teams to stay focused on long term strategy. Empowering a Treasury function allows for quick decision making that is aligned with long term strategy but focused on short-term liquidity and financial risk. Too often, financial risk is viewed as a “Back-office” or finance function only – but in truth, risk should inform financial decision making across all three parts of the organisation and this is why: Front-Office This is typically your client-facing function charged with generating revenue. Are you able to correctly price your products and services – not just today but at a specific point in the future? Are you tracking a true real-time profit and loss and locking in foreign exchange, interest rate and cost of capital at specific points in time? Too often, this function in the business is focused on chasing revenue and sales targets but does so blindly – without having sight of fluctuations in input costs, commodity prices and foreign exchange movements. Without understanding these risks and inputs, sales teams cannot adequately price their products or services as well as target appropriate sales volumes, often leading to internal conflicts between sales and procurement coupled with disappointed clients when salespeople renege on deals or attempt to renegotiate prices to accommodate for fluctuations. Failure to manage risk in the Front-Office can result in reputational damage for your business. Middle-Office Depending on the industry you operate in, this is where your policies, technology and compliance risks effectively sit. A robust Middle-Office is where you conduct scenario analysis and determine the overall risks in your organisation. A perfect example of this could be your exposure to interest rate volatility which is very topical right now. As an entrepreneur, you have just navigated through the COVID-19 pandemic, started to rebuild your balance sheet, and perhaps taken on some debt to fund growth and expansion. Did you do any scenario analysis which mapped out a 300-basis point increase in the local interest rate environment? Do you have structured policies in place to guide you around responding to the changing interest rate environment? That’s the job of your Treasury function. Back-Office This is effectively the engine room of your business and will be the team responsible for managing payments, settlements, SWIFT transfers – in many ways, they are your final check-and-balance. A business is only as strong as its financial function and if this is purely viewed as administrative work, your risk profile will invariably be higher. Supporting this function with strong policies and skills by incorporating a Treasury function will turn it into a key player in your strategy execution. Risk is not something which should simply be viewed as a financial function or a compliance department. To effectively manage risk, you need all hands on deck in your Front – Middle and Back-Offices. Working with the right Treasury and Advisory partners will help you make better decisions which should ultimately drive profitability with less exposure to variables which are out of your control. Carlos is a co-founder and director of Change Financial Solutions, a licensed FSP, where he is responsible for Advisory Services, Compliance and Financial Management.
South African Airways renews commitment to women’s empowerment through Standard Bank Top Women partnership
South African Airways (SAA) has proudly rejoined the Standard Bank Top Women partnership, reaffirming its dedication to advancing women’s empowerment and inclusive leadership across the aviation sector.
Is B-BBEE now a deal-breaker in M&A?
By Ginen Moodley Broad-Based Black Economic Empowerment (B-BBEE) is no longer a side issue in mergers and acquisitions (M&A) – however, the answer to whether it is a true deal-breaker depends on how you look at it. Legally, the framework does not yet give regulators the authority to block a deal outright on B-BBEE grounds. Commercially, however, a weak empowerment profile can derail a transaction just as effectively – through delays, onerous conditions, reputational damage or lost investor confidence. The Competition Commission has confirmed that B-BBEE will now form part of the public interest assessment in merger approvals. This shifts due diligence beyond financial and operational metrics to include a target company’s empowerment status, ownership structure, and scorecard history. A poor B-BBEE profile may not be enough to stop a deal legally, but it can slow it to a crawl, invite tough conditions or spark public backlash that erodes deal value. In July, Parliament’s Portfolio Committee on Trade, Industry and Competition has called for greater transparency, fairness, and accountability in M&A deals, particularly with regard to imposing public interest conditions in terms of transformation and the inclusion of historically disadvantaged persons (HDPs). The Trade, Industry and Competition Committee has gone further, urging the Competition Commission to adopt an activist approach by publishing details of historically disadvantaged partners in approved transactions, creating a centralised database to help companies identify empowerment participants, and embedding lock-in periods to ensure ownership structures deliver real value. These signals point to a regulatory and political environment where transformation is no longer negotiable.This is not only a policy debate, it is already playing out in the market. When Heineken’s acquisition of Distell and Namibia Breweries was approved in April 2023, the deal was cleared on condition that the new entity, HEINEKEN Beverages, committed to substantial transformation initiatives. These included an ambitious investment plan of more than €500m over five years, the construction of a new brewery and maltery, a supplier development and localisation fund, and a Tavern Transformation programme to support 1 000 tavern owners. The heightened pressure in M&A coincides with broader compliance reforms. In April 2025, the Minister of Employment and Labour published final employment equity targets for 18 sectors. Designated employers must submit five-year plans by 31 August 2025 or face fines and exclusion from state contracts. The burden of proof has also shifted: companies must now demonstrate valid reasons for falling short. Compliance is being measured on outcomes, not intentions. Small businesses are also under the spotlight. Exempted Micro Enterprises must now file B-BBEE affidavits that include industry classification codes and confirmation of permanent black ownership, submitted directly to sector charter councils. This aims to curb fronting and ensure empowerment translates into genuine participation. Meanwhile, the legal profession has been reshaped by the Legal Sector Code. Firms are required to demonstrate 50% black ownership, spend 3.5% of payroll on black skills development, and procure more from black-owned legal service providers. Similar industry-specific codes are tightening across the economy, reflecting a broader move from broad-brush compliance to precise, enforceable sector obligations. Ownership remains one of the trickiest areas. The Codes of Good Practice assess not just shareholding but also voting rights, economic interest, and the sustainability of structures. Community trusts, employee share schemes, and equity equivalents are useful mechanisms, but when poorly designed, they risk collapsing under scrutiny. In an M&A environment, these weaknesses can undermine approvals or unravel a deal later. For dealmakers, this means that B-BBEE due diligence can no longer be superficial. It is not enough to glance at a scorecard; regulators and stakeholders are scrutinising the substance behind the numbers. Ownership structures, employment equity compliance, procurement practices, and even historical scorecard performance can all influence whether a deal is approved smoothly or delayed with conditions. So, is B-BBEE now a deal-breaker in M&A? From a legal perspective, the Competition Commission cannot yet veto a merger solely on B-BBEE grounds, but commercially the risks are real: a weak empowerment profile can translate into reputational damage, loss of investor confidence, and transaction timelines stretching out indefinitely. Transformation has become a decisive factor in whether deals succeed or stall. Businesses that understand this distinction and embrace transformation as a strategic necessity rather than a compliance burden will not only secure smoother approvals but also build credibility and resilience in an economy where inclusivity is inseparable from growth. Ultimately, the question is not whether B-BBEE is a formal deal-breaker under current law, but whether businesses can afford to treat it as anything less. The direction of policy, enforcement and market expectation is unmistakable. Dealmakers who integrate transformation into their transaction planning will navigate approvals with greater certainty, protect deal value and position themselves for long-term relevance in an economy where inclusivity is fast becoming a cornerstone of commercial success. Ginen Moodley is a corporate and commercial attorney and the founding director of Moodley Attorneys Incorporated (MAinc), a South African law firm specialising in Business Advisory, Commercial Transactions, Dispute Resolution, and Estate Planning.
How to hire the right staff members for your SME
By Vanessa Rogers In the delicate scaling phase of a small to medium-sized business, the entrepreneur at the helm needs to surrender to the reality that it is no longer possible to continue doing everything alone. But is it possible to hire a team that will keep you rising up the ranks? It is, and here’s how to go about it. Employing a significant portion of the South African workforce and contributing substantially towards the country’s gross domestic product (GDP), small and medium-sized enterprises (SMEs) are pulling out many of the stops that our economy currently needs. According to Business Partners, a leading business loan provider for global SMEs, local small businesses “employ an estimated 50 to 60 percent of the workforce”. Considering the country’s alarming unemployment rate of 31.9 percent in the fourth quarter of 2024, it is evident that “small businesses play a crucial role in job creation. By providing millions of South Africans with the means to support their families, small businesses therefore also help to alleviate poverty.” Furthermore, SMMEs “contribute between 34 and 40 percent of South Africa’s GDP” according to the financial analysts at Krutham, a capital market practice based in Johannesburg. In their thought leadership article titled ‘Enabling and unlocking the job creation potential of SMEs and the township economy’ Krutham revealed that while formal jobs declined by 128 000 in the last quarter of 2023, informal jobs increased by 124 000 during the same period. Unfortunately, 50% of SMEs fail within the first 24 months, and 70% to 80% fail within the first five years of operation, making it essential in the scaling phase to attract and take on the best possible talent. This can achieved by: Charles Edelstein, director at job portal Executive Placements, advises that while an SME owner busies themselves with matters of sales and revenue growth, increasing profit margins, and attending to cash flow forecasting, any new team members will need to be able to hit the ground running by taking an entrepreneurial approach to their job description. “While it is important to provide a clearly defined job spec during the hiring process, you will also want to look out for an individual who tends to do more and thinks more broadly than the average employee out there. “Offer coaching and training in general business areas, from marketing and sales to basic accounting and team building, because this shows that you are making an investment in your new staff member. In return, you’ll want to be able to benefit from their strong analytical skills. For example, do they come to you with clever insights that you may not have considered yourself? This is a win-win for your company’s future potential and ultimate success.” The ideal candidate for an SME is a team player, he says. “He or she is able to network at industry functions and will help you to gain a sustainable advantage over the competition – because, at a certain point, you really cannot be everywhere and do everything any longer.” Yes, there is an ideal list of personality characteristics for an SME employee, advises Edelstein. Ask yourself during the initial interview, and in the day or so afterwards: Authors of a recent paper in the International Journal of Human Resource Management titled ‘Advancing understanding of HRM in SMEs: critical questions and future prospects’ say it best: “Employees working in SMEs [should] expect to work across multiple roles and tasks, and have an ability to directly shape the key value-added activities of the business, in addition to finding engagement through regular interactions with management. These factors … can lead to intrinsic motivation, discretionary effort, and [the] greater engagement of employees working in an SME context, even in the absence of sophisticated HR practices”.
South Africa’s best managed companies revealed in landmark 15th edition
The 15th edition of Top500: South Africa’s Best Managed Companies is due to be released in the final quarter of 2025. This prestigious annual B2B publication features companies that are top of their game, and sector, presenting an opportunity for businesses to tell their success stories, and increase their exposure among peers, competitors and potential business partners. How do you define a top company? For our purposes, using criteria developed by UCT’s Development Policy Research Unit, we look at whether a business is large, growing, productive, empowered, engaged and quality driven. Through our dedicated research team, for a decade and a half, we have documented the excellence evident in South African businesses across a hundred sectors with the top five weighted and ranked – hence the magazine’s title. This year, in its quest to uncover South Africa’s Top 500 Best Managed Companies, Topco Media’s research department has uncovered some interesting facts about the South African economy: Real estate holdings and development The real estate holdings and development sector in South Africa showed resilience during the last financial year, with varied performance across segments. Companies focusing on high-demand areas like logistics, mixed-use residential developments, and green buildings achieved notable success through strategic planning and innovation. Despite challenges from rising interest rates, higher construction costs, and pressures on commercial office space, well-capitalised and agile firms delivered solid returns and sustainable growth. Leading B-BBEE-compliant companies such as Redefine Properties, Growthpoint Properties Limited, SA Corporate Real Estate Ltd, Attacq Limited, and Vukile Property Fund also actively promote gender empowerment and contribute meaningfully to their CSI initiatives. Water South Africa’s water sector showed progress this year with improved governance, faster licensing, and major infrastructure investments like the Lesotho Highlands Phase 2. Monitoring systems (Blue/Green Drop) resumed, and over R23bn was secured for key projects. Several water utilities, including Rand Water, Magalies Water, and Vaal Central Water, reported increased revenues and stronger financial performance. All five major South African water utilities Rand Water, uMngeni-uThukela Water, Johannesburg Water SOC Limited, Vaal Central Water, and Magalies Water actively support community development and environmental sustainability. They run programs for water conservation education, infrastructure improvements in underserved areas, and skills development. While some face challenges like infrastructure maintenance, overall, these utilities show strong commitment to ESG goals and improving water access. Investment services Over the last financial year, JSE Limited, Sasfin Holdings, Vunani Limited, PSG Financial Services, and Purple Group Ltd delivered solid revenue growth and strong financial results. They also advanced gender empowerment by increasing female representation in leadership and launching impactful diversity initiatives. For example, Sasfin expanded its asset base, Vunani improved profitability despite market challenges, PSG strengthened its investment portfolio, Purple Group enhanced its digital wealth management offerings, and JSE Limited made strides in promoting inclusive governance. This combination of financial success and commitment to inclusion highlights their leadership in South Africa’s financial services sector. Mining in general: Overview The South African mining sector is currently experiencing mixed performance. While some commodities and companies show resilience, many face significant challenges. Several major mining companies posted sharp revenue declines or losses in 2024: While the South African mining sector faces headwinds, certain commodities and companies are navigating these challenges effectively. Investors may find opportunities in resilient sectors like manganese, coal, and copper, especially those companies investing in renewable energy and technological advancements. However, it’s crucial to remain cautious of the broader systemic issues that could impact long-term stability. For more important business-related content, inside the magazine you will find a B2B selection of insightful articles segmented into Leadership, Tech, Tips and Advice and sector overviews. Should you have any queries about this media release, Topco Media, or participating in the Top 500 publication please contact our national project manager, Emlyn Dunn at: emlyn.dunn@topco.co.za.
Two decades for an overnight success: 8 lessons for entrepreneurs
By Tara Turkington Being a woman entrepreneur takes courage, resilience and single-minded focus in a world that rarely makes it easy. I started Flow Communications 20 years ago when I had no job (necessity is the mother of invention!) and no funding. Today, it is a multi-award-winning agency working with global clients. Our “overnight success” took about two decades to build. As women, we sometimes operate in spaces not necessarily designed for us, often juggling society’s expectations and the ambition to build something meaningful. But here’s the truth: women-led businesses are transforming industries, often by challenging the status quo and creating innovative solutions where none existed. Globally, we see trailblazers like Sara Blakely, who revolutionised the shapewear industry with Spanx, and Melanie Perkins, whose Canva democratised design for millions worldwide. Closer to home in South Africa, women entrepreneurs are making equally profound impacts. Sibongile Sambo, rejected as a flight attendant, built her own aviation company, SRS Aviation, building her own runway, figuratively speaking, in a male-dominated field. Carmen Stevens broke barriers as South Africa’s first black woman winemaker, with her premium wines now enjoyed globally. Then there’s Sarah Collins and her ingenious Wonderbag, which provides sustainable cooking solutions and addresses energy poverty for countless families. And Kate Groch’s Good Work Foundation is fundamentally changing access to tech education in impoverished rural areas. These women aren’t just building businesses; they’re reshaping industries and societies. Women are reshaping what leadership looks like, and we’re doing it on our own terms. Sometimes we might do so in a two-steps-forward, one-step-back kind of way, but overall, the progress is real. Multiple global studies have proven beyond dispute that companies with greater gender diversity demonstrate higher profitability, retention and innovation – making a clear business case for leadership diversity. If you’re on this journey – or thinking of stepping into it – here are a few lessons I’ve learnt: 1. Collaboration is key The best business move I ever made was getting my sister, Tiffany Turkington-Palmer, to join me to run Flow. We also brought on board two other shareholders (both men!), Bheki Shongwe and Richard Frank, early on in the agency’s journey. Each of us has different skills and qualities. We often argue about things and then meet in the middle, and so devise our business strategy collaboratively. Because of this, our business is stronger. 2. Build your network before you need it Relationships are currency. Connect with other women entrepreneurs, mentors and allies who lift as they climb. Join industry groups, attend events and don’t be afraid to ask for advice. Along the way, I applied to and joined the Women Presidents Organization, EY’s Winning Women programme and the Stanford Seed programme, among others. Each has enriched me personally and helped piggyback Flow forward. 3. Hire people cleverer than yourself One of the smartest things you can do as a leader is hire people who are cleverer than you. Building a strong business means surrounding yourself with brilliant minds who challenge your thinking, bring fresh perspectives and push the work further than you can alone. 4. Lead with purpose, not perfection You don’t need all the answers; you need clarity about why you’re doing what you do. Let your “why” guide your decisions, especially when it’s tough. Purpose and strong values fuel perseverance. 5. Get comfortable with discomfort Whether it’s pitching for new business, hiring your first employee or standing up to a difficult client, growth happens outside your comfort zone. You’ll second-guess yourself – and so you should. There is great power in doubt (though don’t let it paralyse you). Try to make important decisions with a balance of your gut, heart and head. 6. Read to lead better Reading has been one of the most valuable habits in my entrepreneurial journey. I read loads of business books because I don’t have a business degree, and it’s been a secret weapon for me. Books by thinkers like Jim Collins, Dan Heath, Daniel Pink and Malcolm Gladwell have shaped how I lead, make decisions and understand people. They offer both insights and perspective. In a fast-moving world, reading slows you down just enough to think more deeply – and lead more wisely. 7. Know your worth – and charge it Too many women underprice their value. Be confident in your expertise. If you’re delivering impact, don’t apologise for your fees. And as soon as you possibly can, pay yourself what you’re worth. 8. Back yourself with action Confidence isn’t a personality trait – it’s a practice. You build it by taking small, consistent steps: showing up to the meeting, sending the proposal, asking for the deal, naming the price you want. Each action reinforces your belief that you can. Success doesn’t arrive all at once – it’s built, one brave move at a time. Tara Turkington is the CEO of Flow Communications, one of South Africa’s leading marketing and communications agencies.