BEE initiatives and credentials
On 27 June 2008, Reclam Holdings concluded a share sale transaction with all the shareholders and Masevumeni Investments (Proprietary) Limited under which Masevumeni acquired a 14.41% direct equity stake in the company. This investment, coupled with the 12% equity interest held by Phamangu Investment Holdings (Proprietary) Limited since 2003 increased the total BEE shareholding to over 26%. In addition, the company’s BEE shareholders are actively involved in the management of the company and are not passive investors.
In accordance with the company’s BEE strategy, Reclam has adopted:
- an Employment Equity Policy under which the company strives to ensure that it and its workforce adequately reflect the South African demography, in terms of talent and skills, through the implementation of affirmative action and Training and Development Forums for the workforce and
- a Procurement Policy under which the company promotes, develops and supports local businesses and services from previously disadvantaged communities while ensuring ethical, moral values and sound business practices during the company’s commercial activities.
Reclam Group is also actively involved in the skills transfer and training programs of its employees, with a particular emphasis on training of previously disadvantaged individuals. The company is currently in the process of developing and implementing personalised learnership programs based on identified personal needs.
The company also has “preferred supplier” status in government procurement programmes and there has been increased commercial interest from customers and suppliers seeking to gain greater BEE exposure through procurement. With its substantial BEE shareholder base and the ongoing involvement of the BEE shareholders in the company’s business, Reclam Group is positioned to contribute to the ongoing economic transformation of South Africa.