Johannesburg, Friday 17 April 2020: The JSE's Board of Directors and the Group Chief Executive Officer have pledged at least 30% of their emoluments and salaries to the Solidarity Fund for the next three months. Members of the JSE Executive will also be making contributions. The JSE pledge was announced as the bourse completed the second day of its two day #Trade4Soldarity campaign.
The campaign, which will see all the fees earned from trades across all asset classes by the JSE and market participants on Wednesday 15 April and Thursday 16 April, was launched in response to President Cyril Ramaphosa's appeal to the country last month to donate to the Solidarity Fund. The Solidarity Fund is a special vehicle set up to help government and civil society fund South Africa's response to the COVID-19 pandemic; to prevent its further transmission and support those affected by it.
"The response by our capital markets participants to work together to support us in this venture at this critical time in our history is yet another example of the spirit of nationhood and generosity that exists in this country. This pandemic has further highlighted the stark inequalities and deep levels of poverty in our society," said JSE Board Chairman Nonkululeko Nyembezi.
Announcing the decision, Nyembezi said JSE Board members and the Group CEO had agreed to contribute at least 30% of their emoluments/salaries over the next three months, with all monies being donated to the Solidarity Fund.
In the spirit of the recent call by the Steering Committee of the CEO Initiative, Nyembezi urged Directors and Executives in other listed companies who are in a position to contribute, to heed the President's call to support the Solidarity Fund.
"I am proud of my Board members and Executive leaders for their support. This is truly a "Thuma Mina" moment.
"We will need to draw deep on both the generosity of those who can afford to give what they can and the profound patriotism that binds us all as South Africans, if we are to first overcome the existential threat of COVID-19 and then successfully rebuild our nation and its economy."
ABOUT THE JSE
The Johannesburg Stock Exchange (JSE) has a well-established history operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world class, socially responsible products and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives and debt markets. It prides itself as being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent. The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for 130 years.
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