March 2019 By Zukiswa Peter, Financial Manager
Understanding our score under the revised charter, and what we’re doing about it
In late 2017 the Finance Sector Charter in consultation with the Department of Trade & Industry (DTI) released the Finance Sector Charter BBBEE scorecard, with the aim of providing a more targeted and appropriate approach towards broad based black economic empowerment in the sector. Fairheads is committed to transforming our economy and welcomes the new code which allows for greater opportunities in terms of Skills Development, and Enterprise and Supplier Development.
Under the previous codes Fairheads was on Level 2. Under the new system, however, we dropped to Level 6, something which many companies experienced as they adjusted to the new thresholds. The Board of Fairheads mandated that we should improve our BBBEE level to a minimum of Level 4 by the end of February 2019, and further to a minimum Level 3 by the end of February 2020.
Fairheads, as a wholly owned subsidiary of Vunani Limited, earned full points for Ownership, and as an empowered organisation scored very well for Management Control. However, in the areas of Skills Development, and Enterprise and Supplier Development, we were presented with some new opportunities to earn additional points to improve our overall rating.
The Fairheads Executive identified an opportunity to partner with a micro-enterprise called Brain eBox, founded and led by Sheree Comninellis (read more on page 8 about this remarkable company). This initiative involved funding the development of a leadership and development e-learning course and enrolling 11 of our staff in the programme. This is a win-win situation – not only are we investing and helping to grow a BEE supplier but we are also training our staff at the same time.
As a result, we improved our BBBEE score to Level 4 by the end of February 2019, and fully expect to achieve a minimum Level 3 by the end of February 2020. As part of our consumer education drive we have also donated R16,000 to the ASISA Fundisa Fund over the past year.