WHL > CORPORATE GOVERNANCE > TRANSFORMATION COMMITTEE

TRANSFORMATION COMMITTEE

The main purpose of the transformation committee is to assist the board in ensuring that the transformation strategy is appropriately ambitious and objectives are effectively integrated into the business.

Members: Chris Nissen (Chairman), Tom Boardman, Simon Susman, Thina Siwendu and Sindi Zilwa and the Group Chief executive officer.

The Committee’s terms of reference include the following responsibilities:

•providing input and recommending to the board on the overall targets for the company, the scorecard component targets and the timing thereof;
•approving the appointment of a verification agency;
•monitoring progress towards achievement of set equity ownership targets;
•reviewing and recommending to the Nominations committee targets for black and women representation at board level;
•reviewing succession plans of black and black women representation at senior executive and board level;
•approving the Employment equity plan submitted to the Department of Labour;
•monitoring quantitative and qualitative progress towards the achievement of Employment equity plans;
•reviewing and recommending Skills development plans in line with the Skills Development Act;
•monitoring progress against the Skills development plan;
•reviewing and approving Woolworths preferential procurement policy;
•reviewing and approving Enterprise development policies; and
•reviewing and recommending Socio-economic development targets.

The committee meets four times a year and the committee Chairman reports back to the board on the activities of the committee. The minutes of the committee meetings are circulated to all directors.

Bee employee share ownership scheme
The purpose of the BEE scheme was to empower eligible Woolworths employees by enabling them to acquire a shareholding equal to approximately 10% of the ordinary issued share capital of the company. The scheme will operate for an eight-year period and terminates on 30 June 2015.

A share ownership trust was established in May 2007 in order to manage the BEE employee share ownership scheme. The trust is administered by five trustees who manage the scheme in terms of the Trust deed. There are three trustees who are independent of the company, including the Chairman Dolly Mokgatle. Two trustees are elected by the company. The trustees meet twice a year and the minutes of their meetings are circulated to the Transformation committee.