TRANSFORMATION INCLUDING OWNERSHIP AND CONTROL
Our performance:
Our scores for 2008 have been verified, and we are currently rated as a B-BBEE level-four contributor under the dti Codes, scoring as follows against the seven elements:
BBBEE score per element |
|||
2009 (unverified) |
2008 (verified) |
2007 (verified) |
|
Equity Ownership |
18.1 |
18.1 |
18.9 |
Management & Control |
6.1 |
4.3 |
5.9 |
Employment Equity |
7.4 |
3.0 |
2.6 |
Skills Development |
9.8 |
6.2 |
5.0 |
Preferential Procurement |
18.5 |
19.0 |
14.7 |
Enterprise Development |
15.0 |
15.0 |
15.0 |
Socio-economic Development |
3.5 |
4.9 |
1.6 |
Total Score |
78.3 |
70.5 |
63.8 |
B-BBEE Status |
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B-BBEE Procurement Recognition Level |
100% |
100% |
100% |
Black Ownership |
25.1% |
25.1% |
23.8% |
Black representation at Board and Executive Management Level as at 31 December 2009 |
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White Males |
White Females |
Black Males |
Black Females |
Total |
|
Board of Directors |
9 |
0 |
3 |
2 |
14 |
Executive Management |
7 |
0 |
1 |
1 |
9 |
In terms of ownership, a majority of the units allocated to the Emthunzini staff trust had been allocated. Once sufficient dividend income has been received, Santam will allocate funds to the Emthunzini community trust. During 2007, Santam shareholders sold 10% of their shares to a dedicated BEE company, Central Plaza, with these shares split between three separate trusts:
- Emthunzini Staff Trust (26%) – The goal of this distribution is to spread the ownership of Santam to black staff, and to bring benefits to Santam by attracting talented black staff.
- Emthunzini Community Trust (25%) – This ensures that Santam is truly broad-based by benefiting black people in the broader community. The trustees are to identify specific community projects as recipients.
- Emthunzini Business Partners (49%) – This ensures that strategic business partners (including black brokers) of Santam benefit by participating in the company’s future growth.
Units of the Emthunzini Staff Trust are currently being allocated to new staff members and those that were promoted during 2009. Trustees of the Emthunzini Community Trust have now been trained. However, due to the share price movement, funds are still unavailable for allocation but the structures are in the process of being developed. All approved allocations in the Emthunzini Business Partners Trust have been made. A liaison with all participating brokers and business partners has been appointed by Broker Distribution to communicate information regarding unit values and other relevant scheme information.
