Transformation Local Economic DevelopmentIndependently verified by EmpowerLogic (Pty) Limited, the Group maintained its Level 2 BBBEE contributor status measured against the current Construction Sector Charter.
OwnershipMurray & Roberts has a diverse shareholding base of around 7 500 shareholders, with South African and international pension funds and unit trusts holding approximately 64% of the shares. Pension funds and units trust shareholders are referred to as mandated investments in the BBBEE Codes. The economic interests by black shareholders in the Group (including mandated investments) is 64.2% with black women having a 19.51% shareholding. The calculation of our black ownership percentage is based on the value of Murray & Roberts’ South African operations. Murray & Roberts introduced the Letsema BBBEE shareholding scheme in December 2005 to facilitate a broad-based shareholding transaction consisting of:
- The Letsema Sizwe Broad-Based Community Trust formed to benefit previously disadvantaged community groupings;
- The Letsema Khanyisa Black Employee Benefits Trust to benefit current and future qualifying black employees and their immediate families
- The Letsema Vulindlela Black Executives Trust to benefit qualifying current and future black executives; and
- The Letsema Bokamoso General Staff Trust to assist qualifying employees to acquire shares in Murray & Roberts. In December 2010, the beneficiaries of this Trust were entitled to sell their shares in Murray & Roberts and as a consequence this Trust is no longer a Murray & Roberts shareholder however, in line with the BBBEE Codes, the continued consequence of this shareholding is considered in calculating the Group’s BBBEE shareholding.
For more information on Transformation and Local Economic Development see our Sustainability Report .
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