The woman running the biggest stock market in Africa – worth almost R20 trillion

Dr Leila Fourie has been the CEO of the Johannesburg Stock Exchange (JSE) for five years, and her tenure should finally see headwinds turn into tailwinds.

Fourie has roughly three decades of experience and was appointed as the CEO of the JSE on 1 October 2019.

Leading the JSE is a massive task, with the JSE’s all-share market cap currently standing at close to R20 trillion.

Before joining the JSE, Fourie was an Executive at Australia’s largest bank, The Commonwealth Bank of Australia, and was responsible for Consumer Finance.

She also served as the NSW Vice President of the Economic Society of Australia and on the Board Audit Committee of Lifeline Australia.

She had previously worked as the CEO of the Australian Payments Network. Before moving to Australia, Fourie has already worked at the JSE, serving on the board as an Executive Director.

She also worked in Standard Bank’s Investment Bank as Global Director of Credit analytics, capital and portfolio management for SA, UK, Hong Kong, Russia, Brazil and Argentina. She then became the Managing Director of Standard Bank’s card division.

She started her career at Accenture/Andersen Consulting and worked as a Senior Manager.

When it comes to qualifications, Fourie holds a PhD in Economic & Financial Sciences. She is also a Graduate of the Australian Institute of Company Directors (GAICD).

More recently, Fourie was named a board member of the United Nations Global Compact, which hopes to see companies adopt sustainable and socially responsible policies.

Fourie became CEO at a difficult time for South Africa, with the economy hurt by the Covid-19 pandemic shortly after her appointment.

The nation’s weak economic growth has also limited the potential of South Africa’s companies.

The JSE has seen hundreds of delistings over the last two decades, and new listings have been in short supply.

In 2024, several new companies were listed on the JSE, including WeBuyCars, Rainbow Chicken, and Boxer. However, a large number have also delisted or plan to delist, including Sasfin and Barloworld.

Nevertheless, the increased optimism for the economy following the creation of the business-friendly Government of National Unity (GNU), declining inflation and an improved interest rate outlook.

Fourie has recently been named as the chair of the newly formed South African Financial Sector Competitiveness Taskforce, which aims to allow foreign-currency transactions on stock and bond exchanges in South Africa.

“We are at an inflexion point,” said Fourie.

“We have seen a re-rating of South Africa in the international markets, and we want to do everything to capitalize on that upturn, grow, and improve our competitiveness on the African continent and as a gateway into Africa.”

The group hopes to improve investor sentiment in the country, as South Africa’s strict exchange controls and volatile currency can sometimes weigh on businesses.

The new task force, Operation Phumelela, will engage the National Treasury and other regulatory bodies on potential capital markets reforms to ease such challenges and boost growth, job creation and services exports.

Other plans

The JSE has also highlighted some of the companies that may be listed in the future.

Speaking to BusinessTech at the Boxer listing launch, Sam Mokorosi, Head of Origination and Deals at the JSE, said that several companies have expressed interest in the listing, such as Coca-Cola Beverages Africa and Fidelity ADT.

He also noted that property real estate investment trusts (REITs) from the UK often receive a warm welcome in South Africa, with UK-based Assura and SUPR recently listing on the JSE.

The JSE also has signed an MOU with the Saudi Taduwal Group, the parent company of the Saudi exchange, which will see the two bourses collaborate on dual listings.

With reporting from Bloomberg

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