Governance &
SustainabilityBROAD-BASED BLACK ECONOMIC EMPOWERMENT
The new Broad-based Black Economic Empowerment Codes of Good Practice (BBBEE) were promulgated in 2007, and Pioneer Foods subscribes to the philosophy that a comprehensive BBBEE strategy is an important business imperative to ensure a successful South Africa. The Group’s strategy and policies in this regard are being revised to align with the new codes to ensure that transformation is achieved at all levels.
Current ranking
AQRate Verification Services has ranked Pioneer Foods as a Level Six Contributor (January 2010).
- AQRate rating 2010 (PDF - 232KB)
Archives
- National Empowerment Rating Agency Certificate 2009 (PDF -
- Empowerdex 2008 rating (PDF - 424KB)
Broad-based employee share scheme
During 2006 Pioneer Foods introduced BEE shareholding to the company through the establishment of a trust for the benefit of employees of wholly-owned South African subsidiaries of Pioneer Foods (the vast majority of whom are black people). In terms of the empowerment transaction employees, through the trust, initially after implementation control controlled 10% of the voting rights in Pioneer Foods after implementation. Since 2006, R18.2 million has been paid to these shareholders in terms of the rules of the scheme.
