In 2004 Oceana appointed EmpowerDEX, an independent Black Economic Empowerment (BEE) rating agency, to perform a BEE audit to determine a Broad Based BEE rating for the Oceana Group. This audit was concluded during November 2004.
The indicators used by EmpowerDEX are in line with government’s Broad-based Black BEE Strategy and the Codes of Good Practice. The process included an audit of all current transformation initiatives within Oceana and a rating against criteria set independently.
Oceana was rated on its BEE ownership, control and management status; its contribution through employment equity, skills development, affirmative procurement, enterprise development and social development, as well as its operational capacity.
In a staff bulletin on 18 February 2005, Oceana CEO Andrew Marshall announced that Oceana achieved an overall “A” rating from Empowerdex.
The following table reflects Oceana’s ranking as a Good Broad Based Empowerment Contributor on the EmpowerDEX rating system.
Good Broad Based Empowerment Contributors |
AA 85-100 |
AA 75-85 |
A 65-75 |
Fair Broad Based Empowerment Contributors |
BBB 55-65 |
BB 50-55 |
B 45-50 |
Unsatisfactory Broad Based Empowerment Contributors |
C 35-45 |
D 25-35 |
E 15-25 |
FF 0-15 |
Oceana’s approach to transformation ensures the involvement of previously disadvantaged people in all aspects of the organization: as shareholders, employees, suppliers and customers. The “A” rating reflects the extent of the Group’s commitment to transformation.