In 2012, Oceana established the Oceana Foundation to consolidate the overall management of corporate social investment (CSI) by the group and its subsidiary companies to achieve greater impact. The Foundation is also geared towards fostering long-term partnerships that will transform and empower the communities in which the group operates. Being responsive to the interests of local communities – particularly those in the towns of Walvis Bay, Lambert's Bay, St Helena Bay and Hout Bay – is critical in maintaining Oceana's reputation and ensuring positive relationships with its broader stakeholder groups.
The Foundation's key focus areas are education and food security. This is within the context of two of the eight United Nations Millennium Development Goals (MDG) for South Africa, which are to eradicate extreme poverty and hunger (MDG 1) and achieve universal primary education (MDG 2). Annually a target of 1.1% of Oceana's net profit after tax is directed towards CSI initiatives, which includes socio-economic development (SED) projects identified in line with the B-BBEE scorecard. Communities along the Cape west coast, Eastern Cape coastal communities and Walvis Bay are targeted as beneficiaries of Oceana's CSI and SED initiatives.
The CSI forum, comprising the executive and senior managers from all divisions, is responsible for the implementation of the Oceana CSI policy. The policy aims to focus the group's efforts on sustainable projects within the west coast fishing communities in which it operates. Oceana's CSI expenditure is directed towards initiatives and programmes in education and food security. The criteria set for evaluating projects are as follows:
The Oceana Foundation was established during the year to consolidate the overall management of CSI expenditure at group level to ensure greater focus. The launch event was held in March in St Helena Bay with a key note address delivered by the Deputy Director-General of DAFF. Guests at the launch included officials from the departments of Education, Social Development, Public Works and Agriculture, Forestry and Fisheries; educators; Oceana employees and executive committee members. Three minibuses were handed over to the principals of the following schools at the event: