As FD of Harmony Gold, Boipelo Lekubo believes finance is about far more than delivering numbers. From investing in people and balancing growth with shareholder returns to navigating ESG, AI and one of the world's most capital-intensive industries, she explains why today's finance leaders must create value that extends well beyond the balance sheet.
Many finance executives speak about people being an organisation's greatest asset. For Boipelo Lekubo, FD of Harmony Gold, it is not a leadership cliché but the principle that has shaped her career.
After nearly a decade with one of South Africa's largest gold producers, Boipelo has helped steer the company through significant growth, major acquisitions and an evolving global mining landscape.
Yet when asked about the biggest lesson she has learnt during her time at Harmony, she does not begin with financial performance, commodity prices or capital allocation. Instead, she talks about people.
“I've learnt that people really are your greatest asset. We often say that quite loosely, but I have seen first-hand how investing in people pays dividends. Nothing is achieved alone. If you want to go far, you have to take people with you.”
Leadership built on trust and empowerment
That philosophy underpins her leadership style. Rather than adopting a one-size-fits-all approach, Boipelo describes herself as an empowering and situational leader who believes successful teams are built on trust, empathy and collaboration.
“I would describe my leadership style as collaborative and empowering. Leadership is situational because not every person or every circumstance requires the same approach. It’s about understanding what people need, giving them ownership and creating an environment where they can say, 'We achieved this together,’” says Boipelo.
Those values have become increasingly important as the finance function evolves beyond its traditional responsibilities. Boipelo adds that today’s CFO is expected not only to safeguard financial performance but also to influence strategy, sustainability, technology and organisational culture.
For her, that broader role is particularly evident in mining, where balancing long-term investment with shareholder returns requires constant discipline.
"Mining is a capital-intensive business, so discipline around capital allocation is essential," she says. "For us, safety is always the first priority because it is non-negotiable. Beyond that, it’s about finding the right balance between investing for future growth and delivering value to shareholders."
Harmony recently revised its dividend policy to return up to 50 percent of free cash flow to shareholders while continuing to invest heavily in projects such as its Australian copper operations.
"It's always about balance. We have to make sure we're investing in the future while also ensuring shareholders benefit from the value we're creating,” says Boipelo.
ESG is more than a buzzword
That long-term perspective also shapes Harmony’s approach to sustainability. Although environmental, social and governance (ESG) considerations have become one of business's biggest talking points in recent years, Boipelo believes mining has always operated with these responsibilities at its core.
“ESG may have become a buzzword, but in mining it has always existed. Whether you call it ESG or something else, you cannot separate environmental responsibility, social impact and governance from the way we operate. They are fundamental to our licence to operate,” she adds.
Harmony has integrated sustainability-linked financing, renewable energy projects and carbon reduction initiatives into its broader business strategy, demonstrating that finance and sustainability are increasingly interconnected.
Technology is another area transforming both mining and finance. While artificial intelligence offers significant opportunities to improve decision-making and efficiency, Boipelo believes organisations must remain vigilant about data quality and cybersecurity.
“AI can help us analyse information more quickly and improve decision-making. But it still depends on the quality of the data you’re putting into those systems. It’s still a case of garbage in, garbage out. Alongside AI, cybersecurity and protecting our data have become increasingly important.”
Despite rapid advances in technology, she believes human judgement remains irreplaceable and says technology can support better decisions, but it doesn't replace critical thinking.
“One still needs people who understand the business and can apply judgement,” she says.
Finding purpose in mining
Looking back on her career, Boipleo says she never planned to spend it in mining. After completing her articles, she was exposed to several industries before discovering that mining’s complexity and social impact resonated with her.
“I liked how dynamic mining was. No two days are the same, and I connected with the industry’s people and its role in South Africa's history and economy.”
She remains convinced that mining continues to play a vital role in the country’s future.
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“Mining is still one of South Africa's biggest employers and has an enormous impact on communities. The industry may have changed, but it still has a significant role to play in creating economic and social value.”
Opening doors for more women in leadership
As one of the country’s leading female finance executives, Boipelo also believes progress has been made in advancing women in leadership, although more remains to be done.
“We’ve seen meaningful progress, particularly in mining, but we still need more women leading organisations,” she says. “It’s encouraging to see more women in executive roles, but the journey isn’t over.”
Her advice to aspiring finance professionals is simple.
“Master your craft first. Build your technical capability so that no one can question whether you deserve to be in the room. Then have the confidence to step into those spaces, even when they feel uncomfortable. And don’t underestimate the importance of sponsorship. Mentors are valuable, but you also need people who will advocate for you when you’re not in the room.”
Ultimately, the legacy Boipelo hopes to leave has little to do with financial metrics and in an industry often defined by ounces, reserves and returns, her measure of success is refreshingly human. While she remains responsible for protecting Harmony Gold's financial future, it is her investment in people that may ultimately become her greatest contribution.
“I hope people feel more empowered because I was part of their journey,” she says. “If they feel they’ve grown, taken ownership and become the best versions of themselves, that would make me happier than anything else.”
