Tongaat Hulett’s Mission is to build our future by creating sustainable value for all our stakeholders. We are proud to announce that we have taken another significant step in living up to this commitment by achieving a Broad-Based Black Economic Empowerment (B-BBEE) Level 2 status in our recent audit for the year ended 31 March 2021.
This is an improvement from a Level 4 status for the previous period. In addition, we also qualify as a Black Owned Entity with 71.75% Black Ownership. This is derived from the makeup of our institutional investors and the sale of a significant asset to a black-owned entity.
This step change is also following on our focused attention on socio-economic development, Enterprise Development, Procurement and skills development.
Tongaat Hulett’s procurement practices support and accelerate the execution of business goals and strategy by emphasizing achieving best value while also advancing social sustainability and ethical practices.
We remain committed to large and small-scale empowerment farming. Our sugar operations in South Africa source 43% of their sugarcane from a total of 15 704 black farmers and cooperative members, who were collectively paid R585 million in the past year. Our successful transformational partnership, Uzinzo Sugar Farming, is the largest black grower in the South African sugar industry and is growing from strength to strength.
A copy of the latest certificate can be found on the company website.
This achievement is another milestone in delivering value to our stakeholders and driving long-term sustainable value as a company.