After having recently bowed out as the head of the presidential climate finance task team, Daniel Mminele has been appointed as an independent non-executive director and chairperson designate of the Nedbank Group and Nedbank Limited.
Mminele’s appointment will be effective from 1 May 2023, the bank announced on Wednesday. His appointment comes as Nebank chairperson Mpho Makwana is set to retire in June. Makwana was appointed as Eskom’s board chairperson in September.
Nedbank said Mminele would be elected as chairperson of the companies immediately after the conclusion of the group’s annual general meeting scheduled to be held on 2 June 2023.
On 8 February last year, the presidency announced Mminele’s appointment as head of the Presidential Climate Finance Task Team, where he would lead the country’s efforts to mobilise finance for a just energy transition. However, less than a year later, news broke of his departure from the position, after his contract expired at the end of December.
Prior to his appointment to the task team, Mminele served as the chief executive of Absa. He stepped down from that position after just one year amid scrutiny over the bank’s transformation blunders.
In a statement announcing his Nedbank appointment, Mminele said: “I am looking forward to working with board colleagues, the management team, employees and our broader stakeholder community as we deliver on strategic commitments and ambitions in line with Nedbank’s track record as a purpose-driven organisation,” he said.
Nedbank noted that Mminele’s appointment follows a robust succession process for the chairperson that commenced early in 2022. The succession process, the group said, was led by Hubert Brody, its lead independent director.
“Nedbank Group and the board are pleased to announce Daniel’s appointment and the group will benefit from his vast expertise and experience in banking and financial services, including climate finance through serving as the head of the Presidential Climate Finance Task Team,” Brody said.
“Nedbank Group will have the benefit of a smooth handover in the chairperson’s office. My
board colleagues join me in wishing Daniel a successful tenure with the Nedbank Group and express our sincere gratitude to Mpho for his service over the years.”
