OUR CORPORATE SOCIAL INVESTMENT (CSI) ABOUT THE IDC
OUR COMPLIANCE UNIVERSE
OUR ON-SITE AMENITIES
OUR PERFORMANCE MANAGEMENT PHILOSOPHY WHO TO CONTACT
WELCOME NOTE
Congratulations on joining the Industrial Development Corporation!
We are proud to have you as part of the IDC and look forward to growing and learning alongside you for the years to come.
The purpose of this booklet is to provide you with essential information about our values, culture, performance management philosophy, employee value proposition framework and CSI interventions.
We are here to support you every step of the way.
Should you need more information or have any questions, please do not hesitate to reach out to your respective Human Capital Business Partner for assistance and guidance.
Wishing you an exceptional career success.
Divisional Executive: Human Capital
Patience Mushungwa
ABOUT THE IDC
Who we are
South Africa’s largest development finance institution.
Proactively identifies new industries and looks to grow existing pivotal sectors.
Builds industrial capacity to fuel the country’s economic growth, by funding viable businesses.
Focuses on priority economic sectors that offer the greatest potential to unlock job opportunities.
Supports transformation of ownership by empowering black industrialists, black-owned companies, workers’ trusts, women and youth entrepreneurs.
Our footprint
Established 1940 through an Act of Parliament.
Main business area
Providing funding for entrepreneurs & projects contributing to industrialisation.
Type of organisation
Development
Finance Institution (DFI).
Ownership
State owned company, 100% owned by the SA government.
R
Funding status
Fund operations and growth from investments, pay dividends & income tax.
Credit rating
Ba3 (Moody’s) with SA’s rating at Ba2
Regional offices
Satellite offices
Head office
Geographic activities
South Africa and the rest of Africa.
Products
Custom financial products above R1m to suit project’s needs including debt, equity, guarantees or a combination of these.
Small and micro-enterprise coverage
Enhanced offerings within Small Business Division.
Stage of investment
Project identification and development, feasibility, commercialisation, expansion, modernisation.
Our mandate
The primary mandate of the IDC is the development of industrial capacity - anchored in the IDC founding Act of 1940.
IDC’s founding Act is as valid today as it was back in 1940:
“…to facilitate, promote, guide and assist in the financing of new industries and industrial undertakings and schemes for the expansion, better organisation and modernisation of, and the more efficient carrying out of, operations in existing industries and industrial undertakings, to the end that the economic requirement of the Union (South Africa) may be met, and industrial development within the Union may be planned, expedited and conducted on sound principles.”
Our values define how we should behave
While we all come from different societal backgrounds, our IDC values define how we should behave and work with one another. The three values of Partnership, Professionalism and Passion have underlying common behavioural traits that all employees need to demonstrate when working towards delivering the IDC mandate.
What do these values mean in practice?
The following are practical behaviours that all IDC employees should strive to demonstrate.
• Understands your role in achieving the IDC value chain
• Shares the load with team members
• Imparts knowledge to IDC peers
• Shows understanding of customer requirements and context
• Demonstrate sincerity, honesty and empathy in interactions
• Understands the needs of the customer and delivers a creative solution
• Owns the entire customer experience
• Committed to the development mandate of the IDC
• Is driven by making a difference in South Africa
OUR CULTURE
The Corporation has been driving the culture transformation journey, which remains one of the IDC’s strategic focus areas, geared towards building a high-performance ethos and to ensuring that employees remain engaged. The Culture Transformation Journey, which gained traction in 2020 was designed to support the Long-Term Strategic Plan (LTSP) of the Corporation.
In 2021/22 the IDC Aspirational Culture Vision was developed by the leadership, which states the IDC’s aspiration as follows:
We are an inclusive organisation where all our employees show up with authenticity and have a sense of belonging. Our entrepreneurial approach to development creates an enabling environment for individual commitment and collaboration. Our people are empowered and recognised to own their destiny through professional excellence.
We take pride in the quality of service to our stakeholders; we are their first-choice development partner. We are the winning team.”
Public Servants Association of South Africa (PSA)
The Corporation is a unionised environment, with the PSA as the only recognised trade union.
The Corporation adheres to the country’s constitutional protection of employees’ rights to freedom of association. As such, all IDC employees, except for Interns, are free to be members of the PSA.
For bargaining reasons, the PSA only bargains for all employees who fall within the bargaining unit, i.e. all employees below the Regional Management level.
OUR PERFORMANCE MANAGEMENT PHILOSOPHY
The Corporation has adopted the Continuous Performance Management (CPM) philosophy. This philosophy focuses on ongoing employee-line-manager engagements throughout the performance cycle, underpinned by employee support and development, thereby culminating in a High-Performance Culture.
This enables employees to have a clear understanding of the work expected from them, and to receive ongoing feedback regarding how they are performing relative to the corporate performance. Furthermore, it provides an environment where all employees’ Key Performance Areas are aligned to the corporate targets, thereby enabling an understanding of the impact their contributions have on the achievement of corporate targets.
The performance management process is made up of five (5) phases which complete a performance management cycle, as illustrated below:
1. Plan
The Planning Phase involves setting targets at the Corporate, Divisional, SBU/Departmental levels to achieve the strategic goals for the financial year.
5. Recognise
The performance contracting phase involves the cascading and the alignment of the team targets to employee performance targets.
4. Review
The Performance Review phase assesses an individual’s or team’s performance against performance goals/targets in the performance contract or scorecard.
3. Manage
2. Contract
The performance contracting phase involves the cascading and the alignment of the team targets to employee performance targets.
This phase entails ongoing performance monitoring and management to support employees throughout the execution of performance targets.
OUR EMPLOYEE VALUE PROPOSITION AND REWARDS
Total rewards framework (Aligned to EVP)
Business Model
Organisational Culture
Employee Engagement
1
Fixed Pay
• Market Benchmark at 50th Percentile
• Basic Salary
• Medical Aid
• Gap Cover
• Provident fund to 65 yrs Other
• 13th Cheque
• Car Allowance
• Disability Cover
• Group Life Assurance
• ANNUAL GUARANTEED PACKAGE (AGP)
4
Recognition & Career Development
• Recognition Programme
• Long Service Awards
• Study-aid for employees
• Learning and Development Initiatives
• Career Management Interventions (e.g. secondments, coaching, rotation).
5
Benefits
• Leave (Annual, Sick, Extended)
• Staff Bursaries
• Children of Staff Bursaries
• Other Benefits
• Personal Accident
Variable Pay
• Non-Pensionable Allowance
• Short-Term Incentive
• Long-Term Incentive
2 3
Work - Life Harmony
• Employee Wellbeing Programme (Universal Health)
• Staff Annual Medical Assessments
• Onsite Gym
• Canteen
• Child – Care Facility
• Shuttle for Gautrain
• Staff Insurance (Car & Home)
OUR COMPLIANCE UNIVERSE
The Code of Ethics and Conflict of Interest Policies
The IDC prioritises integrity, transparency and accountability. These policies guide all IDC directors, employees, suppliers, service providers and business partners in their daily activities and interactions.
The policies highlight five key principles:
01 02 03 04 05
Respecting and upholding human rights. Managing conflicts of interest.
Exercising sound judgement when offering or accepting gifts, entertainment, and hospitality.
Protecting personal information and maintaining confidentiality. Guarding against bribery, corruption, fraud, money laundering and terrorism.
In terms of conflicts of interest, a clash occurs when personal interests interfere with the IDC’s interests.
To manage these conflicts, individuals must:
• Disclose any conflicts immediately.
• Recuse themselves from decision-making processes if necessary.
• As a director or external member of any IDC committee, not have access to matters to be decided, where he/she is conflicted.
• Declare their interests at the start of meetings.
• Ensure all business interests are declared through the IDC’s online declaration process.
Responsibilities for users include:
Directors: Lead by example, set the tone, and track policy implementation.
Managers: Familiarise employees with the policies, certify compliance, handle conduct issues, and lead investigations.
Employees: Live by the principles, certify compliance, and report unethical conduct issues.
Business partners, service providers, and suppliers: Comply with and cooperate in upholding the policy.
Regarding gifts, employees can accept gifts, entertainment and hospitality of nominal value up to R1,500.00. A Supervisor/Head/Responsible Divisional Executive approval is required for gifts above R1,500 up to R3,000. Gifts above R3,000 must not be accepted. Acceptance of cash is not allowed. Accepted gifts must be declared through the IDC’s online declaration process.
External directorships are limited to one (1) per employee, and engagements must be sanctioned and declared. External engagements should not take precedence over IDC responsibilities, and fees earned while using IDC time will accrue to the IDC.
A 24-month cooling-off period applies to directors/employees after leaving the IDC, during which time they are prohibited from doing business with the IDC. Consultants are exempt.
The IDC is committed to ensuring data and information accuracy, promoting cybersecurity and protecting whistleblowers who report unethical conduct. Accurate records must be kept and retained, protected and disposed of in accordance with legal requirements and the IDC’s Records Retention Policy.
To report unethical conduct, individuals should speak to their immediate supervisor, account manager, Internal Audit department, or the next level of responsibility. The IDC protects the identity of whistleblowers and has zero tolerance for reprisals.
For reporting, contact:
Call: 0800 30 33 36
SMS: 39640
Links
The “why” of managing compliance risk and various policies
IDC is a regulated institution and operates within a heavily regulated financial services sector in South Africa. Compliance has become high stakes in recent times within the globe and South Africa in particular. So, the IDC has an obligation to institutionalise its compliance programme to ensure that it does not incur fines, penalties and reputational damage as these could lead to dire consequences for the Corporation and compromise its ability to raise money to fulfil its mandate.
Director And Executive Liability
• Undesirable scrutiny from and intrusion by regulatory authorities
• Loss of confidence in the Corporation by the market leading to reduced probability of achieving targets
• Exiting of existing clients and co-lenders – bad association lead to difficulty in doing business
• Review and possibly termination of facilities by bankers
• Difficulty in raising funding / costly funding
• Employees (Officials) being on a watch list of financial services providers
• Credit ratings agencies take a dim view
• Possible NOCLAR by External Auditors
• Breach of other legislations involving other stakeholders. i.e. PFMA and Treasury
Compliance Policy
In line with our licence conditions, this sets out IDC’s philosophy on matters relating to compliance and how to manage various regulatory obligations
Compliance Charter
This outlines the scope and authority of the Compliance Function within the Corporation as it helps the IDC manage its regulatory obligations
Compliance Risk Management Framework
Sets out the compliance risk appetite of the Corporation
Reputational Damage
• Near shut down of the business if there is no liability or asset origination
• Call on funds by lenders (funding and liquidity risks materialise)
Business Risk
• Directors’ and Executives’ liabilities impacting their other directorships and resulting to EDD in their personal financial relationships
Anti-Financial Crime Compliance Policy
Sets out the IDC’s philosophy in managing its AML/CFT regulatory requirements
Risk Management and Compliance Programme
Outlines IDC’s customer duediligence requirements, roles and responsibilities of various stakeholders within the ML/TF risk management eco-system.
Operationalise regulatory requirements
Uniformity of practices and decision making to avert regulatory risk
OUR CORPORATE SOCIAL INVESTMENT (CSI)
IDC Corporate Social Investment
Introduction
The IDC’s Corporate Social Investment (CSI) initiatives showcase the organisation’s commitment to societal wellbeing through non-commercial efforts. These initiatives include strategic grant funding, in-kind donations and employee volunteering. The CSI policy focuses on areas aligned with Government priorities, Sustainable Development Goals (SDGs) and the Broad-Based Black Economic Empowerment (B-BBEE) framework. In 2023 and 2024, the IDC disbursed over R117.4 million of the allocated R120.1 million, benefitting many recipients across all provinces.
Background
Launched in 2002, the IDC CSI programme is managed by the Corporate Affairs department. The CSI Unit follows a policy and strategy aimed at enhancing the corporation’s mandate and supporting Government priorities. Special focus is given to creating job opportunities in marginalised communities, especially for youth, women and people with disabilities.
CSI focus areas
The Unit directs its projects through the following key areas:
Education and skills development
This area focuses on Early Childhood Development (ECD) and Technical Vocational Education and Training (TVET) Colleges, with initiatives including:
• Infrastructure improvement and capacity building for educators.
• Construction of nine ECD centres in rural Eastern Cape and KwaZulu-Natal from 2023 to 2024.
• Collaboration with the Department of Higher Education and Training (DHET) to enhance TVET training through capacity building and investment in equipment.
Entrepreneurship development
This area supports innovative grassroots projects that sustain individual livelihoods, prioritising youth, women and people living with disabilities, while fostering entrepreneurship skills and community development for job creation.
Employee Volunteering and Giving (EVG)
The EVG programme encourages employee participation in social initiatives through:
• Payroll Giving: Monthly salary donations matched at a rate of 3:1, with the option to nominate beneficiary organisations.
• Community Outreach: Employees volunteer their skills and time for community initiatives.
• Donations In-kind: Contributions of food, clothing and cash to identified causes.
• National Awareness Campaigns: Participation in events like CANSA Shavathon and World AIDS Day.
The IDC also offers the We Care online platform to connect employees with organisations in need of support.
Consumer education
In line with B-BBEE Codes, the IDC emphasises consumer financial education for small and microenterprises in partnership with organisations like My Dough and the Graca Machel Trust to promote sustainability.
Special projects – humanitarian relief
The IDC’s humanitarian relief aid responds to natural disasters such as floods, fires and droughts. The demand for emergency food assistance to affected communities has increased with the more frequent natural and human-induced disasters.
Overview of initiatives
The IDC has increased its support in this area over the years, with the budget doubling to R36,6 million in 2023, predominantly due to the KZN floods and a number of other disasters across the country. Most of the support went towards victims of floods in KZN. A small amount was disbursed to disaster relief in Jagersfontein in the Free State, Port St. Johns in the Eastern Cape, and fires that destroyed informal dwellings in the Joe Slovo informal settlement in the Western Cape.
Highlights and achievements
Augmenting Government humanitarian efforts.
26 flood relief-related projects were assisted in the 2023 financial year.
Interventions supported over 21 000 affected people.
A total of R36.6 million was approved in the financial year for flood-relief projects in 2023 and R21.9 million disbursed in 2024.
77% of the flood-relief initiatives took place in the KZN province.
Corporate memberships
Southern African Development Community - Development Finance Resource Centre
(SADC-DFRC) – the IDC was the Chair of the Board for the 2024/25 Financial year.
The Acting Divisional Executive for Mining, Rian Coetzee, represented IDC as the Chairperson of the entity that promotes the effective mobilisation of resources by development finance institutions to stimulate growth, job creation, and poverty alleviation. In line with its partnership values, the IDC benefits from co-funding opportunities and project identification that are aligned to its recently revised Continental Strategy.
World Economic Forum (WEF) - the Regional Partnership enables the IDC to strengthen its catalytic role in the continent in partnership with investors. The membership allows for the attendance of the Chairperson and CEO at the Annual Meeting that is held in January in Davos.
Additionally, members of Executive Management can attend the Regional Forum Meetings that are held on the continent, including online sessions.
Association of African Development Finance Institutions (AADFI) – the association stimulates and promotes cooperation for the socio-economic development of the continent. The revised Continental Strategy serves as the impetus to use the platform to profile the IDC as a premier funder of the continent’s economic growth, including information sharing of best practices in development finance.
Association of Black Securities Investment Professional (ABSIP) – the association’s mission of developing South Africa’s skills in the development finance/financial services industry, particularly with regards to the participation of black people in the financial services industry, resonates with the Corporation.
Energy Council of South Africa (ECSA) – The council was established in 2021 and assists in shaping the energy landscape for inclusive economic growth. The IDC’s participation contributes to ensuring energy security, a key ingredient for economic growth.
Black Business Council (BBC) - The BBC plays a pivotal role in ensuring that the South African economy is representative of the demographics of our country. As a key implementer of government’s industrial and economic policies and commitment to growing black industrialists, the IDC benefits from access to the Council’s vast network of black businesses for assistance in achieving the outcomes of industrial development and job creation.
National Business Initiative (NBI) - The entity is a voluntary coalition of South African and multinational companies, working towards sustainable economic growth and development in South Africa. The NBI’s mission assists the IDC in driving business participation towards socioeconomic transformation.
Black Management Forum (BMF) – The IDC is a key supporter of the Forum’s initiatives on facilitating various developmental programmes locally and internationally for black managers, thus contributing to the development of managerial competence.
South African Chamber of Commerce and Industries (SACCI) - SACCI is a broadly-based representative national business body, active not only in South Africa, but in Southern Africa too, thus providing unparalleled access for the Corporation in furthering its economic development initiatives.
African Women Chartered Accountants (AWCA) - The entity exists to transform and ensure the inclusion and empowerment of black women within the profession, including those who are in business. As part of its learning and development initiatives, the Corporation plays an important role in developing skills in the sector - this is achieved through learnership programmes for newly qualified professionals.
Key forthcoming stakeholder engagement platforms
03 - 06 February 2025
Cape Town Convention Centre
Mining Indaba
24 – 25 February 2025
26-28 February 2025
Association of African Development Finance Institutions (AADFI) Retreat for Executive and Senior Management of African DFIs
The Finance in Common Summit, held alongside the G20 Finance Ministers and Central Bankers Meeting
25-26 March 2025
27 March 2025
Global Banking & Markets: Africa - Bonds, Loans and ESG
The Presidency-led 6th South Africa Investment Conference
05 April 2025
Cape Town Convention Centre Luanda, Angola
Family Day – a fun-filled day for IDC employees and their families
26 June 2025
Protea Hotel, Fire & Ice, Cape Town
Sandton Convention Centre
Cape Town Convention Centre
IDC
SADC DFI CEOs Forum
OUR ON-SITE AMENITIES
Facilities at the IDC
Onsite there is free parking, canteen, kiosk, vending machines, IDC Gym, laundry service and mothers room for breastfeeding moms.
Child Development Centre
An on-site childcare facility is available for children aged 3 months to 5 years
Health, Safety and Environment at the IDC
Employees are required to observe and follow applicable guidelines concerning Health, Safety and Environment within the IDC
Events at the IDC
IDC annual events include among others:
BEST WISHES AND CONTACT
Thank you once more for choosing to join the IDC. We look forward to your invaluable contribution to the Corporation.
Should you have any questions, please do not hesitate to contact the Divisional Executive: Human Capital or designated Human Capital Business Partner.
Wishing you all the very best for your career with the Industrial Development Corporation.
