Driving real transformation in the South African economy is an issue close to our hearts and forms part of the core values of our Board and Management team.
Ellies Holdings Limited and Ellies Electronics (Pty) Ltd are Level 3 B-BBEE contributors.
In 2021, Ellies concluded a Broad-Based Black Economic Empowerment (B-BBEE) transaction with Imvula Education Empowerment Fund Trust, valued at R18.5 million. This resulted in Imvula having a shareholding in Ellies of 23%.
Imvula was established in 2009 by the Maharishi Invincibility Institute, an organisation whose purpose is to provide talented but historically marginalised black youth access to quality education and employment opportunities, thereby contributing to the economy in a meaningful and sustainable way over the longer term.
The beneficiaries of Imvula are 100% black South Africans. The youth are selected by the Maharishi Invincibility Institute based on genuine financial needs, amongst other considerations.
The Board recognises the critical role it has to play in the transformation process in South Africa. Through its governance and oversight role, the Ellies Social and Ethics Committee ensures that an appropriate transformation strategy aligns with the Broad-Based Black Economic Empowerment Act (B-BBEE) and the associated codes of good practice.
The committee’s role is to achieve sustainable empowerment, and it has an ongoing responsibility to govern and oversee all aspects of the Group’s B-BBEE and employment equity strategy and implementation. The committee received feedback detailing matters relevant to each of the functional areas within its transformation mandate annually.
Each year the transformation strategy is reviewed, and clear guidelines are defined for each of the five pillars of the B-BBEE scorecard. By delivering shared value through our empowerment initiatives, we are making a meaningful contribution to many of our stakeholders while ensuring our business’ long-term stability and profitability.
OUR B-BBEE PERFORMANCE
The commitment of the Group to transformation has yielded a Level 3 rating for FY2021.