transformation committee
The main purpose of the transformation committee is to assist the board in ensuring there are appropriate strategies, policies and processes in place in order to drive transformation.
Members: Chris Nissen (Chairman), Brian Frost, Buddy Hawton, Thina Siwendu and Sindi Zilwa (five independent non-executive directors) and Simon Susman. The Chief operating officer: Support services also attends the meetings.
The committee’s terms of reference include the following key responsibilities:
- provide input and recommendations on the overall target empowerment rating and the scorecard component targets;
- approve the appointment of the verification agency;
- review and approve policies to enable the achievement of priorities and targets;
- monitor progress against targets; and
- monitor compliance with the transformation codes.
The committee meets four times during the year. The Chairman reports back to the board on the activities of the committee.
The group is committed to the spirit and principles of broad-based black economic empowerment (BEE). There are clear targets for each business area that are reviewed by management on a bi-annual basis. An assessment of progress is made and, where appropriate, new strategies and plans are developed to enable the achievement of their targets.
BEE employee share ownership scheme
A trust was established in 2008 to manage the BEE employee share ownership scheme. There are five trustees, three of whom are independent, including the Chairperson Dolly Mokgatle, and they meet twice during the year. The scheme was established to accelerate transformation initiatives by spreading equity ownership of Woolworths.
