Since the dawn of democracy, there has been positive change in our country, particularly in the business sector. However, there is more that still needs to be done to harvest the fruits of a democratic nation. While structures have been put in place to help us improve the status of our economy, the narrative of Broad-Based Black Economic Empowerment (B-BBEE) is key to sustainable socio-economic development.
Transformation is key for how businesses in South Africa should operate. It goes beyond compliance; it should be driven by the mantra of ubuntu and responsible corporate citizenship. With this in mind, Metso embarked on a transformational journey three years ago to improve our Level 8 B-BBEE status.
We focused on key elements that constitute the B-BBEE rating and certification, and changed the business portfolio by simplifying the current structure in South Africa to transact out of one legal entity.
We also partnered with Sefate Capital to drive value for historically disadvantaged citizens and invested in B-BBEE initiatives focusing on black-owned SMMEs and female entrepreneurs, as well as realigning our staff equity and ownership to align with our B-BBEE plan.
Today, Metso is proud to be a Level 4 B-BBEE contributor.