In a departure from their long-held policy of not making political donations and in recognition of the country’s 10th anniversary of democracy, Standard Bank and the Liberty Group on Monday announced donations of R5-million and R1,5-million respectively towards national election funding.
Commenting on the announcement in his capacity as chairperson of Standard Bank and the Liberty Group, Derek Cooper said: “As an integral part of the fabric of South African society, Standard Bank and Liberty Group are proud to support the democratic process, one which has been hard fought and supported by the people of South Africa.
“In the year of our 10th anniversary of democracy, it is fitting that both Standard Bank and Liberty Group demonstrate our commitment to the ultimate democratic process.”
Distribution to the political parties will be made based on the formula adopted by the Independent Electoral Commission (IEC) that recognises the way in which South Africans have elected to vote. In terms of this approach, the IEC distributes funds to parties in proportion to their representation in the national Parliament.
Fifty percent of the total available funds from Standard Bank and Liberty Group will be distributed to political parties currently represented in Parliament. These funds will be made available for distribution provided that the present parties register for the 2004 election.
The remaining 50% of the funds from Standard Bank and Liberty Group will be distributed on the same formula to those parties who successfully win seats in the 2004 election. — I-Net Bridge
Special Report: Elections 2004