Black economic empowerment
Murray & Roberts follows the provisions of the Broad-Based
Black Economic Empowerment Act 53 of 2003 and the
principles embodied in the Codes of Good Practice on
BBBEE, by instituting a policy for the upliftment of the
historically disadvantaged in South Africa.
Additional information on our black economic
empowerment strategy and practices is available
on page 17 of the annual report.
A review of the Group's current empowerment criteria was
conducted during the year and confirmed that the Group's
empowerment status is compliant with various industry
charters and current legislation. The key areas for
improvement are targeted procurement, skills development
and employment equity. BBBEE remains a priority challenge
for the Group. There is much to be done to ensure we meet
our expectations as well as maintain our commitment to
meritocracy as the basis for appointment and reward.
The Letsema BBBEE shareholding offers previously
disadvantaged employees, their families and some of the
communities in which Murray & Roberts operates, a stake in
the company and its future. Since Letsema was launched in
2005, wealth of more than R1,2 billion has been created for
participants and total dividends of R112 million have been
paid to the trusts.
Andrew Skudder
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