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SPEECH BY PRESIDENT NELSON MANDELA AT THE 150TH ANNIVERSARY OF OLD
MUTUAL

Cape Town, 17 May 1995

Mr. Levett, Chairman of Old Mutual; 
Deputy-President De
Klerk; 
Honourable ministers; 
Members of the diplomatic
corps; 
Your Worship the Mayor of Cape Town; 
Distinguished
guests; 
Ladies and gentlemen.

I am delighted to share with you this celebration of the 150th anniversary of
Old Mutual, and honoured to be in such distinguished company. That so many
leaders from the world of business and government have come together for this
occasion, tells us much about the place of Old Mutual in the affairs of our
country.

Few things are more important at this time than mobilising the savings of our
people and channelling them into productive economic activity. Old Mutual is our
country's largest institutional holder of individual savings. It also draws
foreign investment funds into South Africa on an increasing scale. Through its
management of these investment resources, it has a major impact on economic
growth.

The institution whose 150 years we are celebrating has, therefore, a
substantial capacity to bring benefits to its estimated four million members in
a direct way, but more broadly to the whole of our society.

Command over such resources brings special responsibilities. This is
particularly true at this moment in our country's transition.

The achievements of our first year of democracy are substantial. They include
the establishment of the Government of National Unity with a remarkable degree
of legitimacy and firmly in control of the country's affairs.

The broad national consensus which emerged through the period of negotiations
has become an active unity of purpose to transform society and build a better
life for all.

This progress in government and civil society gives us confidence, as a
nation, in our capacity to solve our problems by working together.

A framework for such a partnership of government and business, as well as
other sectors of civil society, has been established.

Government has demonstrated its commitment to measures which are favourable
to the thriving of business and sustained economic growth. These include the
determination to maintain fiscal discipline. The abolition of the dual currency
system is a precursor to further easing of exchange control regulation as
circumstances allow.

On the part of business, this period demands that it rises to a series of
challenges. These include helping shape a strategy for sustained growth, both
individually and collectively, through the National Economic Development and
Labour Council. It means making investment decisions which put a high priority
on production undertakings that create jobs and generate sustainable growth. It
means seizing the new international moment by identifying export opportunities
and rising to the challenge of International competitiveness. It means welcoming
foreign investors as contributors to our future.

There is also great scope for the private sector to contribute more directly
to community needs, in co-operation with government. This includes assistance in
such fields as housing, education, health, arts and culture, to name but a few.

All of us are mindful, on this day, of how many lives have been lost or
diminished through accidents at work. I ask you to join me in observing a moment
of silence, in memory of those who died at Vaal Reefs Gold Mine, and to
rededicate ourselves to the urgent task of to improving health and safety at
work throughout our economy.

Ladies and gentlemen.

The stability we have achieved is critical to the successful reconstruction
and development of our country. It is therefore of the utmost importance that
all of us accept responsibility for contributing to its maintenance.

In this regard, government's deployment of resources to combat crime should
be matched by an active partnership of communities and business to help bring
about a substantial decrease in levels of crime. This includes both the violent
crime that threatens the security of communities and the white-collar crime
which costs our economy billions of rands.

As we enter this second year of democracy, intent on turning plans into
visible change, much depends on the capacity of everyone to put the national
interest above sectional concerns.

Old Mutual's record in combining the interests of its members with norms of
social responsibility, puts it amongst the leading corporations in this regard.
It is already rising to many of the challenges that I have touched on.

In congratulating you on your 150th anniversary, I am confident that we can
continue to count on your making a significant contribution to the South African
economy and to the well-being of our people in the future.

I thank you

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