For Funeka Montjane CA(SA), CEO of Personal and Private Banking at Standard Bank, leadership is not just about goals and objectives or even foresight; rather, it’s an experience that, although deeply personal, is all about connection.
For most of us, life is a journey that develops organically; one decision giving rise to another. Only a few people can pinpoint a specific turning point when their vision crystallised, either affirming the course they’ve taken or prompting them to follow a new one. Montjane’s turning point came whilst attending an international conference as a young executive before she had joined the world of banking.
Funeka recalls an instant when she mentally checked out of the room at the conference, which was filled with some of the industry’s brightest minds and got lost in the sight of a swan silhouetted against falling snow. ‘At that moment, I found myself wondering about this work I was doing. What kind of difference did I want to make?’
The search for an answer to this question led to her joining Standard Bank as the Chief Financial Officer of Personal and Business Banking South Africa. ‘Until then, I felt as though I was living my life in two different lanes: there was the achievement lane, which saw me working extremely long hours and pushing myself, and the healing lane. Those two lanes collided at that moment when I saw that swan.’
Since then, Funeka has been intentional about ensuring that both lanes remain merged. Achievement remains a strong theme: most recently, she won SAICA’s 2024 Chairman’s Award for the Business Trailblazer Award, in recognition of her determination to uphold ethical standards and lead innovatively while also driving business growth. This award joins a slew of accolades: in 2015, she was named a World Economic Forum Global Young Leader; the following year, she was ranked Businesswoman of the Year in the Corporate Category by the Businesswomen’s Association of South Africa (BWASA). In 2020, she received the Dignitas Award from the University of Johannesburg, recognising her efforts to empower and upfit women.
But, as much as she remains committed to helping Standard Bank meet (and exceed) its objectives from a business perspective, she is equally devoted to ensuring her teams meet their personal goals. This dedication informs her approach to leadership and has grown out of her own experiences.
LEADERS DON’T ALWAYS HAVE THE ANSWERS
Funeka’s story is deeply inspiring: raised by her grandparents, she was only 11 when she knew that she wanted to become a CA. She has had many people supporting and guiding her towards her dream, paying her transport costs and ensuring she had lunch at school, while she kept up her side by studying until 4 am by candlelight. Her perseverance paid off: passing matric accounting with a 96% average, she received a bursary for further study and climbed the corporate ladder with enviable speed – only to find herself suffering from clinical depression by the age of 21.
She found her way out of this dark time through a blend of therapy and meditation, which she continues to practise today, and which impacts her professionally as much as personally. ‘One of the most profound experiences I’ve ever had was attending a 10-day silent retreat, during which time I came to acknowledge that I am not my thoughts. I realised that as leaders, we do not always have the answers – nor do we have to. In fact, it’s important to be able to sit with a problem without rushing to solve it, waiting until the answer comes to you. That’s a big part of leadership.’
Montjane recognises, though, that this is not always possible. ‘Of course, leaders come across different types of problems. There are fast-lane problems that have to be solved immediately and mid-lane ones, which we can take a little more time mulling over and discussing with others. However, as we develop as leaders, we find ourselves spending most of our time trying to address the slow-lane problems that probably cause more discomfort.’
Growing people, a key task for all leaders, is not dissimilar, Montjane maintains. This is something that she – and, indeed, Standard Bank as an organisation – takes very seriously. On leadership of self, Funeka says she works with a consultancy firm on a process of personal visioning for all her team members. ‘You need to have a mindful script that will help you reach the next level. You can’t progress if you’re on autopilot,’ she says.
Cherishing joy
Montjane heeds her own advice when it comes to mindfulness. She is keenly aware that a leader needs to show up for their team as a whole person. ‘That’s never easy, because we’re typically dealing with situations that take a lot from us,’ she acknowledges. ‘Nonetheless, we cannot look to our teams for validation. We need to build those inner resources ourselves.’
This is one of the hardest parts of being a leader, she opines. After all, being a leader isn’t just about what you do; it’s about who you are, too. It’s about your entire being, Montjane insists, and that’s what teams choose to follow − or not.
Montjane considers her greatest achievement to be the fact that people have chosen to follow her. As a self-described introvert, that’s something that continues to fill her with joy. She maintains it’s because people are excited not only by her vision, but also by something more:
‘My leadership journey has been about hard work and taking risks, but it’s equally about physical and mental well-being. My teams know this; they know that I’m genuinely interested in them and their well-being.’
Montjane’s outlook means that she is cautious about overwork, which she describes as a form of violence against the inner self. This is an insight she has borrowed from American monk Thomas Merton, whose belief that ‘overwork destroys the fruitfulness of our own work, because it kills the root of inner wisdom which makes work fruitful’ is one she upholds wholeheartedly. ‘Rest is important. Joy is important,’ she insists.
She derives her own joy from her family; the grandmothers who raised her and who remain her greatest source of meaning. This is best summed up by the question posed by famed US Supreme Court judge Ruth Bader Ginsberg in 2018. ‘What is the difference between a bookkeeper in New York City’s garment district and a Supreme Court judge? One generation. My own life bears witness.’ With those words in mind, she maintains a sense of reverence for the life they helped her achieve. Art brings her joy, too, as does travel and fashion.
And work. Montjane says that she is keenly aware of the sacrifices made by the people of our continent, clients, merely so that we can occupy the roles we do today. As such, it is imperative but making even more of it and passing it on to the next generation. Seeing people buy new dishwashers, new cars, new homes, gives her a thrill because it means that their aspirations have come true – and that is why she is a passionate activist for wealth creation across the continent.
Her work around ESG is linked to this burgeoning prosperity. People tend to think about ESG only when the topic of climate change arises, she notes, but the reality is that it has a huge social element. And Africa stands to benefit significantly: while the energy shortage currently facing the continent is undeniably a challenge, its enormous renewable resources are an asset that will enable it to leapfrog into the future.
Montjane cherishes her ability to contribute to this future. ‘I truly value being part of an organisation that is meaning-led. This is an ongoing process, and I feel privileged to have an opportunity, year after year, to take part in it.’
Going forward, she’s hoping to grow that contribution by taking part in the forums, both local and international, that she is regularly invited to speak at. Usually, her introversion means that the answer is an almost automatic ‘no’ – but, she says, the time has come to share what she has learned to the benefit of others. It’s the continent’s due, she says: ‘It’s time we, as Africans, take ourselves massively seriously; that we make a concerted effort to bolster our visibility on the global stage.’
LOOKING FORWARD
The global stage is something Africa will not be able to avoid as the world moves forward. So, what does Montjane believe this future holds? ‘We are seeing a global shift: the world is becoming more balanced. Kwame Nkrumah once said that we face neither east nor west; we face forward. That is truer than ever, and for African companies, it applies as much to suppliers as clients.”
We’re also part of the global reality around climate change, Montjane continues – but this may present opportunities, especially in terms of solving our challenges around social and governance issues. ‘Our continent will continue to rise, although this might not always be linear – we might take two steps forward and one step back for a while. But non-linear growth is still growth,’ she says. In South Africa, we can expect to see an increase in confidence and as rate cycles lead to greater affordability. ‘This will lead to greater gumption for entrepreneurs – and that’s great news, given that our continent is run by entrepreneurs.’ That’s not to say that we can gloss over the things we need to get right: focusing on the flaws in our infrastructure (and ports in particular), power issues and minerals rights will drive growth further, faster.
Within this milieu, the CA profession continues to function as custodians of trust and integrity – and these are the keys that will unlock Africa’s bright future. ‘I am bullish about this continent. I am bullish about South Africa, the spirit of this country. We are on the up and
up – there will be high highs and low lows. That is the trajectory of every journey.’
Author Lisa Witepski | Photographer Theana Breugem
