Achievements in the bank
- By Deborah Minors
Wits Council member and former Chairman of Standard Bank, Derek Edward Cooper received an honorary doctorate in law from the University in July 2011 in recognition of his business leadership, socio-economic engagement and intellectual contribution towards furthering financial and social transformation in South Africa.
Born in 1940, Cooper, 71, attended Jeppe Boys’ High in Johannesburg. He was admitted as a chartered accountant after obtaining his certificate in the theory of accounting from Wits. He then embarked on an extensive and illustrious career in corporate finance, pioneering the participation of corporate South Africa in the country’s socio-economic development.
In 1990, Cooper became a member of the Council of Wits, the University’s highest decision-making body, and served until 2009. During his voluntary membership over 19 years, he chaired Council’s finance and audit committees, notably during a period of financial stringency and difficulty for the University.
Corporate finance guru
Cooper’s exceptional business intellect was evident early in his 30-year career, particularly in mergers and acquisitions. He joined Barlow Rand Limited in 1964 and orchestrated one of the firm’s most successful international acquisitions, the Caterpillar franchise, in Spain and Portugal. Cooper held various positions over 30 years, ultimately serving as Vice-Chairman and Managing Director.
As a board member of Barlow Rand’s major shareholder, Old Mutual, he participated in the decision to demutualise Old Mutual, an unprecedented and landmark transaction. When Barlow Rand Limited unbundled in 1993, Cooper became Chairman of CG Smith. Six years later, Liberty Holdings appointed him Chairman.
Cooper joined the Standard Bank board in 1993 and led the bank’s defence against a hostile takeover bid by a rival bank. The nine-month defence stands as the largest and most difficult such battle in South African commercial history. Cooper’s brilliant strategy became a case study for the Harvard Business School while corporate South Africa broadly acknowledged the integrity of Cooper’s leadership of the defence.
Raising the Standard
In 2001, Cooper assumed his most recent post, that of Chairman of Standard Bank Group Limited. Most notably, he led negotiations that resulted in the Chinese bank ICBC (the world’s biggest bank) becoming a 20% shareholder in Standard Bank. This was the largest foreign investment ever made by a Chinese company, making it both symbolically and economically significant for Africa.
During his nine-year tenure at Standard Bank, Cooper contributed to the groundbreaking Financial Sector Charter in 2003, and ensured that the bank signed the Equator Principles, which govern financing and stipulate that banks fund only socially and environmentally responsible developments. He drove the increase in the number of senior black executives at the bank from 24% in 2001 to 53% by 2009.
Cooper stepped down as Chairman on reaching the statutory retirement age.
Leading corporate conscience
Cooper demonstrated a strong empathy with and understanding of South Africa’s social, political and historical context. He emphasised the importance of the connection between business and social development and, in this regard, was instrumental in persuading corporate South Africa to accept the Sullivan Principles, which catalysed the establishment of racial equity in the workplace and the early recognition of black trade unions, outlawed at the time.
He served on the board of the National Business Initiative, previously the Urban Foundation, which played a pivotal role in the abolition of apartheid pass laws and in granting property ownership rights to black South Africans.
Above board
Cooper contributed a great deal to the functioning of public company boards. These included the board that oversaw the conversion of South African Railways and Harbours into Transnet, the Industrial Development Corporation, Business Leadership South Africa, IBM South Africa and Europe and Stannic, and he was part of the team that advised the new government of South Africa on the implications of scrapping the apartheid-era decentralisation policy.
Throughout his career, Cooper often commented that a Chairman’s role is to ensure the longevity of the organisation. Today, the sustained success of his boards is testament to his commitment to this vision.