Home » South African accountant Terence Nombembe assumes director role at Nedbank

South African accountant Terence Nombembe assumes director role at Nedbank

Nedbank makes power move, taps Nombembe for board and audit

by Omokolade Ajayi
Terence Nombembe

Nedbank Group Limited and Nedbank Limited continue their strategic board restructuring with the appointment of South African business executive and accountant Terence Nombembe as non-executive director —  Nombembe’s role in the group, effective Jan. 1, 2024, marks a significant step in fortifying financial expertise and governance within the leading lender.

The appointment follows a historic board change in November, during which South African banker Jason Quinn was named chief executive designate, succeeding Mike Brown — this move, pending regulatory approval, is part of a succession process announced on June 2.

Nedbank makes power move, taps Terence Nombembe for board and audit

Nombembe’s appointment as an independent non-executive director and member of the Nedbank Group Audit Committee signifies the group’s commitment to attracting top talent and reinforcing governance structures. 

Daniel Mminele, chairman of Nedbank Group, highlighted the strategic importance of Nombembe’s appointment, stating, “Terence’s inclusion reflects our commitment to board succession planning and attracting the best talent to reinforce our governance framework.”

Mminele praised Nombembe’s extensive experience in financial regulations, accounting standards, and risk management, emphasizing the valuable contributions expected, particularly to the Audit Committee.

From SAICA to Nedbank: Nombembe’s journey unveiled, redefining success in challenging times

Nombembe brings a wealth of experience to his new role. Serving as the CEO of the South African Institute of Chartered Accountants (SAICA) from 2014 to 2019, he led the body for the nation’s chartered accountants. His career includes the role of Auditor-General of South Africa from 2006 to 2013 and service as a non-executive director of the South African Reserve Bank.

His accolades include the Jorg Kandutsch Excellence Award, a doctor of accounting science from Walter Sisulu University, and honorary memberships in esteemed organizations such as UNISA and the Golden Key International Honour Society.

Nombembe’s appointment comes at a pivotal juncture for the South African banking sector, grappling with challenges posed by rising inflation, global economic uncertainty, and a rapidly evolving regulatory environment. His insights and expertise are anticipated to significantly contribute to Nedbank’s future success.

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