Wiphold: Fueling female force in farming 

Gloria Serobe, CEO of WIPHOLD

The business sector and investment expert Gloria Serobe understands the transformative potential of economic inclusion. As the CEO of WIPHOLD, a multi-billion rand investment company, she has dedicated almost three decades to championing the economic empowerment of black South African women at grassroot level. Her leadership demonstrates that remaining true to one's roots and beliefs can result in benefits beyond mere financial gain.

After South Africa's transition to democracy, Gloria Serobe, along with Wendy Luhabe, Louisa Mojela and Nomhle Canca, co-founded WIPHOLD, an investment company that aimed to empower black women economically. WIPHOLD provided opportunities for South Africans historically excluded from the economy to make wise investments, fostering a fairer and more inclusive economy in South Africa.

Gloria remains committed to the company's original objectives, focusing on sustainable economic empowerment for black women through strategic investments and strong shareholder returns. When WIPHOLD joined the Centane and Mbashe Initiative – a development model aimed at promoting profitable and sustainable farming on communally owned land in the Eastern Cape – it ensured that women in the communities were not excluded. 62% of its primary beneficiaries are female.

Various studies indicate that increasing women's involvement in decision-making and granting them control over income in agriculture yields numerous benefits, including higher productivity, increased income levels, poverty reduction and overall economic growth at the community level. Additionally, households where women have greater control over income and agricultural decision-making tend to invest more in children's education and nutrition, contributing to a healthier and more productive future generation for African societies.

After gaining support from local chiefs, the Agricultural Initiative began leasing communal land from communities to cultivate cash crops and later purchased beef cattle for commercial feedlots. The project attracted heavyweight partners, such as AFGRI and Beefmaster Feedlots for the Transkei Feed Kraal Project, one of its spin-offs. Notably, Old Mutual and Nedbank are also involved in the initiative.

WIPHOLD has empowered black South African women at grassroot level, showing that staying true to one's roots and beliefs can translate into more than just financial gain. At its core, the company's investment philosophy revolves around leveraging profits and returns to generate meaningful community impact.

 

Lessons from WIPHOLD

1. Choose impact over profit: Geoff Snelgar, co-founder of Capricorn and the Yellowwoods Group and one of WIPHOLD's earliest investors, commented on the company's integrity in an interview with Forbes. While many companies claimed to promote broad-based economic empowerment, WIPHOLD stood out by genuinely putting the interests of its female beneficiaries first. Snelgar recalls instances when lucrative opportunities were foregone in favour of maintaining this commitment. "We had to trade off certain things and let go of opportunities to make this work," reflects Gloria. "We could have pursued immense wealth, but instead, rather made societal impact one of our most important goals."

2. What does success mean for you? In 1999, WIPHOLD achieved a significant milestone by listing on the Johannesburg Stock Exchange, becoming the first women's empowerment company to do so. However, as more institutional investors increasingly showed interest and bought shares, the company delisted once women no longer constituted majority shareholders. Gloria explained their decision to the Harvard Business Review: "To continue supporting women's financial independence and economic empowerment in South Africa, WIPHOLD must remain majority-owned and managed by women, with women also comprising the majority of directors on its board."

3. Make corporate and social responsibility part of corporate culture: Gloria stresses the importance of good corporate governance in achieving company objectives. While Environmental, Social and Governance (ESG) practices have become buzzwords for many organisations, they have always been central to the WIPHOLD investment ethos. Unlike other companies that view ESG practices as "corporate social responsibility" activities, they forms part of WIPHOLD’s core purpose. These principles influence decisions, from investment choices to the group's structure and shareholders.

 

Contact

Tel: +27 11 715 3600
Fax: +27 11 715 3612
Email: contactus@wiphold.com