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PepsiCo Bašumi Trust wins awards at employee share ownership conference

24th April 2024

By: Lisete Bigala

     

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Beverage multinational PepsiCo South Africa's employee share ownership programme Bašumi Trust has received the best governance policies and the most innovative funding model awards at the Department of Trade, Industry and Competition's Worker Share Ownership Conference on April 23.

The best governance policies award recognises the Trust for demonstrating the most effective and transparent governance practices in selection of trustees, empowering workers, and promoting worker participation at the highest levels of decision-making.

The most innovative funding model award highlights the trust's approach to funding employee ownership that provides the best financial support to employee-beneficiaries, PepsiCo said in a statement.

The Bašumi Trust has 11 452 beneficiaries and is open to all permanent employees who are not directors, such as middle management and below, once they have completed one year of employment.

The R1.66-billion Trust was established in November 2021 and is a broad-based black economic empowerment employee share ownership programme. The Trust forms part of the public interest commitments PepsiCo made to the South African government at the time of PepsiCo’s acquisition of Pioneer Foods in 2020.

“The Trust was designed with the aim of maximising outcomes and enhancing the long-term economic benefit for its recipients. It serves as an ideal vehicle to demonstrate our dedication to promoting various socioeconomic goals such as job creation, empowerment, fostering talent and developing our associates,” said PepsiCo South Africa CEO Riaan Heyl.

To date, the Trust has distributed R50-million in dividends and R33-million in terms of pro-rata accelerated milestone payments to qualifying beneficiaries.

“While the PepsiCo South Africa business continues to operate in a challenging macroeconomic environment, the Bašumi Trust, with shares held in the global PepsiCo, will continue to enable the higher than planned benefits for beneficiaries,” Heyl said.

"As employees continue their employment with PepsiCo South Africa, they have a stake in the company's financial success and create an investment for their future. In feedback from our employees, this feeling of ownership cultivates a stronger dedication to the company's long-term objectives, leading to improved performance and engagement,” said Bašumi Trust chairperson Melissa-Joy Golden.

Meanwhile, PepsiCo also posted its first quarter results for its 2024 financial year.

“During the first quarter, our businesses remained agile and performed well, with a strong performance from our international business. We delivered a sequential improvement in our volume trends, year-over-year growth in net revenue, operating profit margin and earnings per share,” said PepsiCo chairperson and CEO Ramon Laguarta.

“As we look ahead, we will continue to focus our efforts on executing well in the marketplace and delivering great-tasting products that offer convenience and good value to the consumer,” he said.

The company will also continue to elevate and accelerate its productivity initiatives to support continued investments in our brands, capabilities and pep+ initiatives. It expects to deliver at least 4% organic revenue growth and 8% core constant currency earnings a share growth in 2024.

Additionally, PepsiCo said its 7% annualised dividend increase was expected to begin with its June 2024 payment, and would represent the company's fifty-second consecutive annual increase, he highlighted.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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