Wapnick comfortable in a male-dominated world

THABANG Mokopanele speaks to Sharon Wapnick, chairwoman of Premium Properties and Octodec Investments — likely to merge — about the progress of women in real estate investment in SA.

Q: You and Anna Mokgokong are the only two women chairing listed property companies on the JSE. What is your take on female representation in corporate SA?

It is disappointing that despite the abundance of talent, women on balance have been slow to break into corporate SA. I do believe this will change in time.

Q: Your father started the empire. What are some of the lessons you learnt from him?

I have learnt so much from him. He taught me to trust my instincts, the benefits of gearing, that what is expensive today is cheap tomorrow, to keep my eye on the cash flow and always deal on a current balance sheet. He also instilled in me a strong sense of duty and the need to give back to society and the community in one way or another.

Q: You are also a lawyer — how do you balance chairing listed property companies and law?

By working very hard. I love what I do. There is no doubt that my legal training has equipped me to discharge my duties as a director and handle myself in the boardroom.

Q: One of your brothers is the CEO. Do you experience sibling rivalry from time to time?

I have an older brother and a younger sister. My brother is the CEO. My sister is not involved in the property business. I think it would be unusual if there was not some sibling rivalry. The way we deal with it is to have a division of duties so that we do not interfere in each other's work and are each responsible for things that we are good at.

Q: What advice can you give to young women who already hold senior positions in the commercial property business?

As a generalisation men seem to be better at self-promotion than women. Make yourself heard and have the confidence, self-belief and determination to push through to higher levels. Do not think that just because objectively you deserve the promotion it will spontaneously happen. You have to make it happen.

Q: What are some key duties of a listed property chairman?

I do not think the duties are any different to those of a chairman of any other listed company. They include guiding the strategy and future direction of the company, ensuring the board is effective in implementing strategy and decisions, planning the agendas of board meetings, ensuring that the board receives timely and relevant information for board meetings, presiding at and running board meetings, doing the same for shareholder meetings, monitoring the performance and contribution of each board member, directing the nomination of directors and composition of the board and ensuring effective communication with stakeholders.

Q: While the companies you chair have institutional investors, they are also family businesses. In view of this, what is your vision for the companies?

Because we are listed on the JSE with institutional investors we play according to the rules of that playing field. We regard our business as entrepreneur rather than family driven. We derive our rental income from residential, retail, office and industrial premises. We strive to constantly improve the quality of our properties and to provide good, clean, safe and affordable accommodation in well-located areas while still delivering growth in distributions for our shareholders.

Q: What were your feelings when you became chairwoman?

It was daunting but very exciting. I got tremendous support from my fellow directors, which was very reassuring.

Q: Female board members are few on the JSE. Why is this so and what can be done?

There is no logical reason for this other than the lag caused by a history of discrimination. Women have excelled in business and in the various professions which are demanding and there is no real reason for them not to do the same on the directorate of companies listed on the JSE. If you think chauvinism is dead you are wrong. Women need to be assertive and to promote themselves more. The ability to resist being bullied also helps. David Ben Gurion (Israel’s first prime minister) used to call Golda Meir, Israel’s first and the world's third female prime minister, the best man in the government. My take on that is that the best man for the job is a woman.

Q: How do you describe your leadership qualities?

I like to have regard to the views of my directors. I see little point in going to the trouble and expense of having them on board if I do not. I also like to keep in touch with the views of our investors and other stakeholders. I prefer to achieve our objectives by consensus although I do not mind flexing my muscles when it becomes necessary.

Q: What advice do you have for aspiring women leaders?

Create a support system that enables you to pursue your dreams. Set goals and do not let detractors or difficult situations along the way deter you. Be prepared to work hard and to have to sometimes tough it out.

Q: What is the future of the listed property sector?

I am a great believer in the future of the listed property sector underpinned as it is with bricks and mortar. As with any asset class there will be ups and downs. Property investment is for the long term, a marathon not a sprint. The introduction of Reits also brings a new dimension to the property investment sector.

Q: What effect do you want to leave on the companies?

I would like to continue to grow them and ensure that they are sustainable — with good growth prospects, built on sound ethical principles, with strong corporate governance and, last but by no means least, strong balance sheets.

Q: What occupies your spare time?

Between my responsibilities as chairwoman of Octodec Investments and Premium Properties and my legal practice, which also entails a lot of reading and preparation, being a doting mom to my two gorgeous sons and running a home, I do not really have much spare time. I do gym daily and occasionally treat my family to an exotic home-cooked meal. I also enjoy going to the theatre and the odd game of golf with my friends and family.

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