The Supervisory Board recognises the critical role it has to play in the transformation process in South Africa. The Supervisory Board’s Social and Ethics Committee, through its governance and oversight role, ensures that an appropriate transformation strategy exists that is aligned with the Broad-Based Black Economic Empowerment Act (B-BBEE) and the associated codes of good practice.
The role of the committee is to achieve sustainable empowerment and it has an ongoing responsibility to govern and oversee all aspects of the Group’s B-BBEE strategy and implementation. At its meetings during the 2019 financial year. the committee received feedback detailing matters relevant to each of the functional areas within its transformation mandate.
Each year the transformation strategy is reviewed and clear guidelines are defined for each of the five pillars of the B-BBEE scorecard. By delivering shared value through our empowerment initiatives, we are making a meaningful contribution to many of our stakeholders, while ensuring the long term stability and profitability of our business.
OUR B-BBEE PERFORMANCE
The commitment of the Group to transformation has yielded a Level 6 rating for FY2019. A detailed review of our performance against the scorecard is provided in the Social and Ethics Committee Report in the 2019 Integrated Annual Report.