3 minute read
Why Samsung's Level 1 B-BBEE rating is good news for the transformtion journey of corporate South Africa
It wasn’t long ago that black economic empowerment was best summed up by the narrative of black investors buying minority stakes in white-controlled companies and then being proudly presented as real change on the boards of acquired businesses. Fortunately, this cynical notion of empowerment has evolved.
Organisations such as Samsung are intent on creating real empowerment. Samsung South Africa has therefore taken significant steps forward to build on its transformational vision, a journey long in the making – one which began with Samsung’s ongoing mission to attract and develop talent to address employment equity and skills development. It’s a philosophy that has been entrenched in Samsung’s DNA since day one. And now its Level 1 certification, achieved for the second consecutive year, is aligned with Samsung’s belief that companies must play an active role in empowering people across all industry sectors.
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Over time Samsung has also invested in major social, educational and enterprise development initiatives on a grass-roots level that allows the brand to be actively involved in the community as well as support local entrepreneurial talent. This is important as black investors are no longer content with being economic spectators simply collecting dividends. They want to innovate, uplift their communities and create an economy based on the freedom to pursue their dreams of being large-scale industrialists. This is an important step in building the economy from the roots up.
“The certification demonstrates our dedication not only to operational excellence but to remain an active and enthusiastic contributor to the future of the South African economy. Samsung is dedicated to harnessing the power of technology to effect positive change. Our team is firmly committed to ensuring long-term sustainability and remaining aligned with the Government’s transformation imperatives,” says Hlubi Shivanda, Director: Business Innovation Group and Corporate Affairs at Samsung South Africa.
Samsung has wholeheartedly embraced the fundamentals of B-BBEE, which is why the company finds great purpose in contributing meaningfully to sustainable transformation across its value chain. Samsung’s enduring commitment to the objectives of the BroadBased Black Economic Empowerment Act is demonstrated by its ongoing objective to address the inequalities of the past.
The economic fortunes of black people and black-owned businesses must gain a foothold in supply chains of both the public and private sectors, resulting in much needed market access to drive growth. Samsung is driven by a focus on the meaningful participation of black people in the South African economy through management and business ownership. In 2019 Samsung launched a R280 Million Equity Equivalent Investment Programme, aimed at stimulating job creation. It is estimated that it will contribute nearly R1 Billion to the South African economy at large. This investment is an addition to initiatives focused on the upskilling of youth such as in the Samsung Engineering Academy, technology-based facilities in schools and universities, as well as student bursaries. Ultimately, the aim is to pursue opportunities for black people to become actively engaged in the economy. This will have an impact on families, communities and ultimately, the entire nation.
“We will continue to work directly with Government through education and social upliftment programmes, bursaries and industry initiatives. Additionally, everything from the empowerment of our staff, Samsung Engineering Academies and Enterprise Development programmes will continue to actively reflect our unwavering commitment to the prosperity of the country and its people,” concludes Shivanda.
