Broad-based Black Economic Empowerment (BBBEE)

The group fully supports BBBEE and has adopted a strategy that is designed to bring about compliance with the BBBEE codes of good practice.

The transformation committee formulates, monitors and reviews all aspects of the group’s BBBEE policies as defined in the group’s transformation charter.

Sub-committees for each of the seven elements of the generic scorecard have been established and scorecard targets set. The sub-committees meet quarterly and report directly to the transformation committee.

In the Financial Mail/EmpowerDEX Top Empowerment listed companies survey, the group ranked fourth, second and third in 2008, 2007 and 2006 respectively within the retail sector, and is currently a BBBEE level-6 contributor.

The transformation committee has set an overall target of being a BBBEE level-4 contributor by 2010, together with goals for each of the seven elements of BBBEE.

The group will be rated by a BBBEE verification agency during the next year.