Guardrisk

Guardrisk Holdings Limited 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.

In terms of this latest Empowerdex rating, Guardrisk has been certified as a “Level Four Contributor” status which is a material improvement from the “Level Five Contributor” status that it 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 Codes of Good Practice on B-BBEE. The latest certificate was issued during the month of June 2009 and is valid for a one year period until June 2010. The company also maintains its value adding supplier status which coupled with its Level Four Contributor status means clients procuring from Guardrisk can count 125% or R1,25 for every R1 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 61.74 last year to 68.22 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 further improve the scoring over the next two years.

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 2009 “Level Four Contributor” certificate issued in terms of the DTI’s Generic Codes, please click here.

The company continues to subscribe to the Financial Sector Charter’s (FSC) Codes of Good Practice on BEE and is measured on an annual basis by the Financial Sector Charter Council. In terms of the 2008 submission to the Council, the company maintained it’s “A” rating which is the highest rating achievable in terms of the FSC scorecard. In the beginning of 2009, the company again voluntarily participated in the submissions and awaits the release of its rating.

To view or download a copy of the company’s “A Rating” certificate issued in August 2009 in terms of the FSC’s Codes, please click here.

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.