Before the South African codes on broad-based black economic empowerment (B-BBEE) were promulgated, and before much of the present policy framework was in place, we developed a proactive and focused transformation strategy. Our guiding principle was to benefit the right people for the right reasons.
Oceana has always had a proactive and focused transformation strategy, aimed at accelerating Broad-Based Black Economic Empowerment initiatives in all seven elements of the B-BBEE scorecard. This is reflected in the results of its annual independent B-BBEE audit, conducted by economic empowerment rating agency, Empowerdex. Oceana has been rated independently as a black-owned and controlled company with commendable empowerment credentials, as can be seen in the table below.
Within an industry that is highly regulated and where access to marine resources is governed through a competitive application process, it is critical to ensure that the group's operations comply with government expectations, whether they relate to compliance with regulation or policy criteria. A continuing focal point in securing fishing rights for the group remains the assessment of transformation and whether a broad-based approach in line with the B-BBEE Codes or a narrow approach focused only on black ownership should be applied in the fishing sector.
Oceana believes that the B-BBEE Act and Codes were promulgated to provide certainty to the country and the economy regarding the measure to be applied for broad-based transformation.
During 2014 the B-BBEE Amendment Act and revised codes of good practice were promulgated. The Act promotes black economic empowerment and facilitates a greater degree of certainty regarding the means of transformation.
Oceana believes that the private sector has an obligation to help government achieve its objective of economic growth and job creation through complying with the B-BBEE Act and Codes. By adopting this approach, the benefits of doing business flow to communities, the skills levels of employees are improved, and new black-owned enterprises can be developed and supported by means of enterprise development and preferential procurement.
It is pleasing to report that Oceana has achieved an improved score of 98.39 (compared to 95.17 in 2013), has maintained its level 2 B-BBEE status, and has retained a recognition rating of 125% for procurement in terms of the DTI B-BBEE Scorecard.
Our score has improved due to tangible improvements in our management control, skills development, preferential procurement and employment equity performance. We also retained maximum points for ownership, enterprise development and socio-economic development. For the first time, we scored maximum points in all elements save for employment equity. These results were achieved through a group-wide implementation of our transformation strategy.Oceana Certificate 2014