annual report 2009
Broad-Based Black Economic Empowerment (BBBEE)
The group fully supports BBBEE and has adopted a strategy that will ensure compliance with the BBBEE codes of good practice.
The transformation committee formulates, monitors and reviews all aspects of the group’s BBBEE policies and strategies. This committee has also adopted a transformation charter that is reviewed each year.
There are sub-committees for each of the seven elements of the BBBEE generic scorecard and scorecard targets have been set. The sub-committees meet quarterly and report directly to the transformation committee.
In the Financial Mail / EmpowerDEX survey of top empowerment listed companies the group ranked 2nd, 4th, 2nd and 3rd in 2009, 2008, 2007 and 2006 respectively within the retail sector. The group is currently an accredited BBBEE level-6 contributor.
The transformation committee has set an overall target of being a BBBEE level-4 contributor by 2011, together with goals for each of the seven elements of BBBEE.
The group is rated every year by an independent BBBEE verification agency. The verification agency used is now a SANAS-accredited verification agency. Group suppliers will be required to obtain annual ratings through such accredited verification agencies.
The group has been proactive in educating suppliers about BBBEE and this will continue.