The board recognises the critical role it has to play in the transformation process. The 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 (BBBEE) (as amended) and the associated codes of good practice.
At its meetings during the FY 2017, the committee received feedback detailing matters relevant to each of the functional areas within its transformation mandate. The committee specifically dealt with the following aspects:
• TFG’s BBBEE scorecard and related matters
• The alignment of TFG’s transformation strategy with the Broad-Based Black Economic Empowerment Act (as amended)
• Each of the individual BBBEE elements, in particular employment equity and skills development
• The various transformation surveys, which TFG participated in
The role of the committee is to achieve sustainable empowerment through alignment with the five elements of the BBBEE codes, being ownership, management control, skills development, enterprise and supplier development and socio-economic development.
Clear guidelines have been defined for each of the five elements of BBBEE, and the committee has an ongoing responsibility to govern and oversee all aspects of the group’s BBBEE strategies.
TFG is rated annually by Empowerdex, an accredited economic empowerment rating agency.
Our performance over the past two years is recorded in the Social and Ethics Committee Report which forms part of the TFG 2017 integrated annual report.
TFG Limited BBBEE certificate