Broad-Based Black Economic Empowerment (B-BBEE) is one of the most challenging aspects and potential opportunities facing agricultural business today. B-BBEE is a government initiative and strategy to enable economic transformation and broad-based participation. The objectives of AgriBEE, as described by the AgriBEE Steering Committee, are to facilitate B-BBEE in the agricultural sector by implementing initiatives to include Black South Africans at all levels and throughout the agricultural activity value chain and enterprises.
Pride Milling undertook a commitment to B-BBEE in 2013. The company earned its first B-BBEE compliant certificate during the latter part of 2013 and has since demonstrated a consistently improved scorecard.
With one out of three youth unemployed currently in SA, Youth unemployment and skills development is one of the biggest challenges for South Africa. Pride Milling initiated an extensive youth skills development programme in 2017. Since then the company has upskilled more than 88 black youth.
On 8 December 2017 the amended AgriBEE sector code was promulgated and aligned with the amended Codes of Good Practice. Pride Milling was proudly verified on the amended codes during May 2018 and achieved a level 4 discounted to level 5 rating.
During 2016 the Board commenced with an investigation into ownership transformation of the company and in March 2019 an empowerment deal was concluded with Thebe Investment Corporation. Founded in 1992 as a pioneering black-owned company, Thebe Investment Corporation is one of South Africa’s leading investment companies, managing assets of over R6 billion.
Thebe Investment Corporation is a combination of legacy, sound business, community building and a focus on Africa. The core values set by their founding fathers build a strong company, that uses sound business principles and good financial results to transform lives and make a difference in communities. Thebe has impeccable credentials in terms of the Codes of Good Practice based on its B-BBEE content and has consistently achieved a healthy balance sheet with good returns to shareholders.
Pride Milling achieved a level 1 certification on the amended AgriBEE sector with the black ownership element in place. This is a landmark achievement for the company and reflects the commitment to transformation in South Africa by a world-class Milling enterprise.
“It is not the strongest species that survive, nor the most intelligent, but the one most responsive to change.”
– Charles Darwin –