BBBEE status and empowered ownership
PPC is currently a BBBEE level 3 contributor under the codes of good practice (2007 codes revised December 2016). This was an improvement of one level from the prior verification result.
PPC's BBBEE ownership, after prior transactions, is currently low due to dilution from the 2016 rights issue and unwinding of the 2008 BEE transaction in December 2016, as noted in the 2017 report.
This is being addressed via a new BEE transaction. The terms of this transaction were announced in March 2018 and we are currently implementing it.
For verification purposes, PPC has included empowered ownership held via mandated investments(1). When this form of ownership is included, together with shares held via BEE transactions, PPC Limited has BBBEE voting rights of 25,62% and economic rights of 17,27%.
Other BEE scorecard elements
For further information on other scorecard elements, and PPC's programmes and progress to transform in these areas, please refer to sections in the supplementary information on our website as indicated below:
|Management control||People review on page 68|
|Skills development||People review on page 68|
|Preferential procurement||Procurement on page 84|
|Enterprise and supplier development||Procurement on page 84|
|Socio-economic development||CSI investment on page 82|
|(1)||Mandated investments, in terms of the codes of good practice, include any investments made by or through any third party regulated by South African legislation on behalf of the owner of the funds, under a formal mandate.|