MTN Group reaches transformation milestone with Level 1 B-BBEE status
MTN Group has reached a major milestone in their work to create shared value by achieving, for the first time, Level 1 Broad-Based Black Economic Empowerment (B-BBEE) Contributor Status in South Africa.
The rating is for the financial year ended 31 December 2021 and is an improvement on the Level 2 Contributor Status for 2020. It is contained in the Group’s annual B-BBEE compliance report, released today, in which major subsidiary MTN South Africa (MTN SA) retained its Level 1 B-BBEE Contributor Status for the third year running.
The B-BBEE Contributor Status for MTN Group considers both the South African operating entities as well as the South African Group function.
“We are very pleased by the progress we are making as the MTN Group in driving broad-based transformation. The achievement of the Level 1 Contributor Status for both our Group and our South African operation is a truly major milestone,”
said MTN Group President and CEO Ralph Mupita.
“As MTN Group, we see broad-based transformation and making socio-economic contributions to the markets we operate in as key to our sustainability and creating shared value.”
Notable improvements for the Group were 4.5-point increase in Management Control score. This resulted from consistent alignment to the targets based on the Economically Active Population as well as from changes in the composition of the Board of Directors, with the appointment of more women. Equity Ownership score improved by 0.94 points as they maximised the Designated Group sub-indicator.
Mupita said MTN would continue to work to contribute meaningfully to South Africa’s socio-economic transformation, prioritising Enterprise and Supplier Development and Skills Development in 2022. This includes supporting several learnership programmes, which he said was particularly critical at a time of rising unemployment.
MTN SA CEO Charles Molapisi concurred:
“In an environment of mounting economic challenges, we are pleased to be able to help create meaningful opportunities for South Africans. In 2022 we will work harder to provide a world-class Enterprise and Supplier Development Programme to deliver more sustainable solutions that are aligned to government’s efforts to speed up the inclusion of Black-Owned Business in the mainstream economy.”