black economic empowerment

As a founding member of the National Empowerment Corporation, the Group is committed to contributing to the transformation of the country’s economy and to the upliftment of all our communities and to passing on a legacy of BEE success.

With its deep understanding of black economic empowerment (BEE) business, and having stayed the course, the Group has an entrepreneurial and innovative spirit and is committed to the growth and development of South Africa and the economic and social upliftment of all its citizens.

Transformation in South Africa continues to create many BEE opportunities and with the entrepreneurial flair that characterises the Group, the Board regularly assesses possible BEE transactions with a view to investing in transformation and acquiring complementary investments.

BEE transactions that have been concluded as part of the Group’s strategic investment approach are the Eyethu Nedbank Corporate Client Scheme and African Legend.

Broad - based Empowerment Participation

The Rockland TDI Fund – Rockland Investment Management (Pty) Ltd – on behalf of the Rockland Targeted Development Fund, the investment arm of the South African Clothing and Textile Workers Union (SACTWU) is a significant broad-based BEE stakeholder in Clifton Dunes Investments 372 (Pty) Ltd, the holding company of LA Group Ltd.

Participation by women

Women are well represented throughout the Group.

As a significant part of the workforce of the Group, many female employees benefited directly through holding shares, which were exercised on the delisting in 2006. Furthermore, women benefit significantly through SACTWU’s Rockland TDI Fund, as the majority of the workforce are women.

Carter Harris – a wholly-owned subsidiary of the Group – was nominated as “one of South Africa’s top gender empowered organisations for 2007“.