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Broad-based Black Economic Empowerment Strategy

Commitment Statement

As the leading specialist self storage company in South Africa, Stor-Age commits to making a real difference in the South African economy by implementing sustainable business transformation and employment diversification plans as part of its rolling three year Transformation Plan, in order to achieve key milestones, and to subsequently achieve and then strive to maintain compliance status in terms of the Property Sector Transformation Charter.

The Property Sector Transformation Charter and Codes were gazetted and legislated on 9 June 2017 and became effective for property owning companies for all full year-ends completed after this date.

Objectives

The strategic business imperatives for implementing a broad-based strategy that delivers on this commitment ensures that:

  • Priority elements of the Property Sector codes are the primary focus that are addressed first
  • Benefits (and risks) of equity ownership and participation in management control are extended to groups that were previously excluded
  • Meaningful job opportunities are created and skills are developed in the communities that the company serves
  • As a supplier, the preferential procurement status of customers are impacted positively and
  • The company’s reputation as a responsible corporate citizen and JSE-listed entity are enhanced

Delivery Resources

A cross-functional Transformation Committee comprising sector code champions (middle management) have been appointed with assigned responsibilities for assessing the impact of initiatives and driving the achievement of functional sector code targets as part of the Transformation Plan.

The Transformation Committee includes representation at executive director level. During the period, a member of the senior management team was tasked with researching and gaining an understanding of the complexities of the amended Property Sector Codes, driving an inclusive process of drafting a rolling three year Transformation Plan, establishing and co-ordinating the activities of the Transformation Committee, liaising with consultants, and monitoring and reporting on progress made to the Social and Ethics Committee at periodic intervals going forward.

The Transformation Plan includes tangible milestones to be achieved in the 2019, 2020 and 2021 financial years, in order to address the requirements of the following Codes and achieve compliance:

  • Code 100: Ownership
  • Code 200A: Management Control
  • Code 200B: Employment Equity
  • Code 300: Skills Development
  • Code 400: Employment Equity

In accordance with Appendix 1 to Section 11 of the JSE Listings Requirements, Stor-Age’s Annual Compliance Report, in terms of section 13G(2) of the Act, is available here and last year's version here.