Barloworld Limited announced its broad-based black economic empowerment (BBBEE) transaction in 2008. The transaction included shareholdings for employees, community service groups, an education trust and strategic black partners. This translated into an effective 29% empowerment of Barloworld’s South African operations.
The allocation of shares to South African employees has the important spin-off of improved staff retention and loyalty, with corresponding benefits for customers.
We are making steady progress on all elements of the Department of Trade and Industry’s BBBEE scorecard, with the emphasis not on a quick fix but on long term sustainability.