Vodacom achieves Level 1 BEE status
TELECOM PAPER / 31 MAY 2019 - 13:03 / NEWS REPORTER
Vodacom South Africa said it has achieved the highest BEE contributor score of Level 1 as it demonstrates its commitment to Broad-Based Black Economic Empowerment (B-BBEE). Vodacom earned the Level 1 BEE status by accelerating a concerted transformation strategy, ensuring that it exceeds its financial year 2018/19 targets against all the seven components of the B-BBEE scorecard.
These components are ownership, management control, employment equity, skills development, preferential procurement, supplier development, enterprise development and socio-economic development (corporate social investment initiatives).
This was made possible through a ZAR 2.3 billion direct implementation cost to Vodacom over the past financial year in addition to all the indirect costs associated to implementing B-BBEE, which saw Vodacom move from Level 3 BEE status to Level 1 over a year.
The company invested ZAR 556 million in skills development as part of its commitment to continuous development of its employees. The investment takes into consideration internal and external bursaries, staff training, graduate programmes, and the Youth Academy. For instance, the company spent over ZAR 17.2 million on "learnerships" and of the 160 "learnerships" opportunities it created, it employed 120 candidates on a full-time basis for the year.
Just over ZAR12 million was spent on skills training for young black people with disabilities. Vodacom spent over ZAR 9 billion to greater than 51 percent black-owned suppliers in addition to the ZAR 9.2 billion that it spent on suppliers with greater than 30 percent black women ownership. It also paid ZAR 830 million to black SMME suppliers within three days of invoice during the financial year.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER