Bidcorp, as a JSE listed company, is committed to transformation and the building of a sustainable South African economy. The board maintains its commitment to diversity as a strategic imperative, as demonstrated through ongoing compliance to the robust board policy on the promotion of gender and race diversity.
Though the board holds ultimate transformation responsibility, the social and ethics committee drives legislative compliance, implemented independently through each business in South Africa. B-BBEE criteria are periodically adjusted, these revised codes make it imperative that work is stepped-up to achieve. The legislation aims to encourage economic transformation, the development of black-owned businesses, the employment of black people and the nurturing of a new wave of senior black executives.
Revised codes give strong weighting to black supplier development through preferential procurement. People development is supported by substantial training investment and 2019 reports continuing growth in the number of black employee candidates prepared for higher responsibility. These initiatives have significantly contributed to our succession planning efforts and material improvements in the workforce diversity. Socio-Economic Development remains an area that the businesses score maximum points, with their efforts in these areas far exceeding the expectations of the B-BBEE scorecard.
Transformation remains a key priority and an ongoing work-in-progress for Bidcorp.
Bidcorp's sustained 2019 transformational efforts have been recognised in the latest ratings awarded to the South African entities.
- Bid Corporation Ltd, the group has achieved a Level 4 rating and is black-female owned.
- Bidfood has improved to a Level 3 rating, through continued succession planning efforts, coupled with extensive skills development activities. The Preferential Procurement score remains a challenge.
- Crown Food Group achieved a Level 8 rating, however management are committed to focussed efforts to regain the previous higher rating.
- Chipkins Puratos (50% joint venture entity) has moved to a December financial year-end, realigning the rating period accordingly. The August 2019 rating for Chipkins Puratos is a Level 4.
Bidcorp's goal remains the implementation of long-term programmes and commercially impactful solutions beneficial to our stakeholders, and well-positioned for continued business growth.