Broad Based Black Economic Empowerment
Sabinet’s approach to Black Economic Empowerment is guided by a single important philosophy: that our BEE decisions make business sense, and our business decisions make BEE sense.
In executing its BEE strategy, Sabinet will continue to deliver services and results of a high standard, and exercise good corporate governance. Commitment to the development of the company, community and the country also remains a priority. Our BEE approach is one of real, sustainable empowerment: we will not support any window-dressing or fronting.
As Sabinet’s turnover exceeds R35 million per annum, the company is defined as a ‘Generic Enterprise’. The ‘Generic’ B-BBEE scorecard requires focus on seven elements, namely ownership equity, management, employment equity, skills development, preferential procurement, enterprise development and socio-economic development. Sabinet’s B-BBEE policy is accordingly built on these seven pillars of empowerment and targets have been set to ensure a meaningful contribution is made to each pillar.
Sabinet Online shareholders have adopted a principle of equal shareholding between client institutions and the staff of the company. The aim is to meet BEE equity targets within this structure.
Staff shareholding schemes are aimed at share ownership for all individuals employed by the company. All permanent employees are currently shareholders.
Managers are appointed based on their ability to help the business grow and to protect shareholders, customers and staff. Our preference is to develop competent managers from existing staff rather than to make costly external appointments.
Although Sabinet has employment equity targets that it strives towards, the company cannot compete with high-profiled, affluent companies in the recruitment of senior black staff with the necessary experience. Sabinet believes that its focus on development of staff, and especially its cadet scheme, contributes far more towards real empowerment.
The company focuses on ongoing skills development as reflected in its management development programme. This includes taskorientated training, financial support for formal studies and even support for acquiring skills that are not necessarily work related. Under the Sabinet cadet scheme, young people with no or little work experience and with limited skills are recruited and developed according to a mutually agreed development plan in order to meet current and future skills demands in the company.
Black-owned and black-empowered suppliers are supported where practically possible.
The Sabinet Chairperson’s Fund contributes to enterprise development by supporting entrepreneurs to set up their own businesses. To date, we have supported five entrepreneurs in the setup and development of their businesses.
Corporate social investment
The Sabinet Chairperson’s Fund has been established with the main objective of contributing to the educational and social development of deserving communities in South Africa. Sabinet annually donates at least 10% of its profits before taxation to the fund.
The various projects are supported by the staff of the company at no cost to the Fund.
Please refer to our Annual Report for more information.
B-BBEE:We are proud to announce that we are a Level 4 contributor. Please feel free to download our B-BBEE Verification Certificate.