Page 7 - 100 years of Anglo American

he aim of this group is,
and will remain, to make
profits for our
shareholders, but to do it
in such a way as to
‘Tmake a real and
lasting contribution to the
communities in which we
operate.”
This statement was first
made by Sir Ernest
Oppenheimer back in
1953, and remains a
guiding principle of the
company. It also
articulates the
entrepreneurial spirit
and socioeconomic
acumen of the family
that founded and
dominated Anglo
American for more than Nicky Oppenheimer in his father’s office – which has been
six decades. preserved for posterity – at Anglo American’s Johannesburg
“The driving headquarters
philosophy of the family
and, by extension, Anglo An Oppenheimer
American, was that there
had to be more to the
business of making money
than just making money. You
had to have a commitment to LEGACY
where you operated and a
moral ethic in the way you
operated,” says Nicky
Oppenheimer.
At the time it was established in 1917, South
Africa’s mining industry was dominated by a The foundations of our current diversified economy
handful of London-based investment houses. were laid by the family, writes Jade Davenport
While understanding that access to capital
would be much easier in Europe, Ernest wanted
to make a valuable economic contribution to something back to society,” says Nicky.
the country he had called home since 1902 – he It was for that reason that Ernest and Harry
was born in Germany in 1880 – by forming a became involved in politics. Harry, despite his
South African mining house whose strategies role as chair of Anglo American, became a
would be dictated from Johannesburg. fierce critic of the National Party government
His commitment to his adopted country was and one of the most prominent political
further demonstrated by his desire to call the activists advocating for the liberalisation of
company African American, but he was South Africa’s political framework during the
persuaded otherwise on account that Anglo 1960s, 1970s, and 1980s.
American would be more investor-friendly. He also helped establish the South Africa
“He certainly saw himself as a South African, Foundation after the Sharpeville massacre of
even though he spoke English with a German 1961, and then, after the 1976 Soweto student
accent, and formed his company to be South Three generations of Oppenheimers – uprising, the Urban Foundation, which poured
African and to be part of South Africa. And Jonathan, his grandfather Harry and his millions of rands into welfare and housing
that was a differentiator then,” says Nicky. father Nicky, in this 1997 photo schemes for black South Africans.
It is often argued that Anglo American’s The Oppenheimers have been, and still are,
growth and success only really benefited the not just for Anglo American, but for the people South Africa’s most benevolent and
white minority, at least until 1994. But Ernest who worked for the company at its widest philanthropic family. Most significantly, they
and his son Harry, who chaired the company range,” says Nicky. He believes bravery in established the Anglo American Chairman’s
between 1957 and 1982, drove a lot of organic business enabled them to achieve this. Fund in 1974, which largely pioneered corporate
growth within various sectors of the economy “They were not risk averse, and had a long- social investment in South Africa.
over the course of the 20th century, and the term vision of the business and economy. What As Anglo American marks its centenary,
foundations of our current diversified economy they were prepared to do was bet the company, Nicky believes that it is in a solid position
were laid by them. which is a dangerous thing to do, but always thanks to the foundations his grandfather and
“They built businesses. Neither of them were on the basis of a careful assessment of the father laid. His advice on looking to the next
the sort of people who thought it was venture’s chance of success.” 100 years is that it is important to remember
appropriate or right to buy businesses. While But the Oppenheimers also believed they had history, but never get immersed in it.
they did buy lots of businesses, what gave more to give. “There was a belief that, if you “You have got to have your eyes firmly
them a buzz was to build things – and to create were lucky and privileged enough to be pointed forward, but with the knowledge of
a business, create jobs and create wealth. And successful and wealthy, you needed to give what happened to get you where you are.”
ANGLO AMERICAN 100 YEARS 7