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GUARDRISK HOLDINGS LIMITED PROGRESS ON TRANSFORMATION & BLACK ECONOMIC EMPOWERMENT
JUNE 2011 Guardrisk Holdings Limited (incorporating Guardrisk Insurance, Guardrisk Life and Guardrisk Allied Products and Services) has been issued with a new BBB ratings certificate by the independent rating agency Empowerdex in terms of the Department of Trade and Industry’s (DTI’s) Generic Codes of Good Practice on Black Economic Empowerment (Generic Codes). In terms of this latest Empowerdex rating, Guardrisk has been certified as a “Level Two Contributor” status which is a significant improvement from the “Level Three Contributor” status achieved last year. This Broad-Based Black Economic Empowerment (B-BBEE) status is in terms of the generic scorecard that is found in the DTI’s Generic Codes. The latest certificate was issued on the 31st of May 2011 is valid for a one year period until the 29th of May 2012. The company also maintains its value adding supplier status which coupled with its Level Three Two status means clients procuring from Guardrisk can count 156.25% or R156,25 for every R100 of their spend towards their BEE procurement scores.
The scoring in respect of the DTI’s Generic Codes of Good Practice on B-BBEE takes into account the scores achieved by the company as measured against various weighted targets for the following seven elements that comprise the Generic Scorecard:
- Ownership
- Management Control
- Employment Equity
- Skills Development
- Preferential Procurement
- Enterprise Development
- Socio-Economic Initiatives
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Year on year, the company improved its total points scoring from 78.94 last year to 86.48 measured out of a total of 100 points available on the Generic Scorecard. Going forward, in terms of its BEE strategy it is aiming to maintain the Level Two Contributor status and where possible improve the scoring for the specific elements that comprise the scorecard.
The company remains committed to contributing to the achievement of its transformation objectives, those of its holding company and those of the wider financial sector within which the company operates. This commitment is pursued through the application and pursuit of a broad based approach to transformation and black economic empowerment.
Executive management have reaffirmed their commitment to the company’s transformation objectives and will continue to monitor current initiatives as well as implement further initiatives as part of the strategy to incorporate B-BBEE into the wider company objectives to ensure the sustainability of transformation and broad based black economic empowerment and simultaneously enhance shareholder value. The strategy is contained in a formal document that the executive management team updates and submits to the Board on an annual basis.
To view or download a copy of the company’s 2011 “Level Two Contributor” certificate issued in terms of the DTI’s Generic Codes, please click here.
The company also subscribed to the Financial Sector Charter’s (FSC) Codes of Good Practice on BEE and was measured on an annual basis by the Financial Sector Charter Council.
For more information, you can contact our Chief Risk Officer, Maxwell Sibanda at the e-mail address sibandam@guardrisk.co.za or on telephone number +27 11 669 - 1060.
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