The group supports the goals and objectives of the B-BBEE Act, seeing it as an opportunity to contribute to create socio-economic value for all our stakeholders, including developing and supporting small- and medium-sized enterprises (SMEs).
Within our procurement strategy, we intentionally seek suppliers that directly or indirectly benefit previously disadvantaged groups and have valid and updated B-BBEE certificates. In FY23, we allocated R9.23 billion to black-owned SMEs (compared to R11.9 billion in FY22), of which R8.5 billion was spent on black women-owned SMEs, representing an 88% increase from the previous year. To further support their operational needs, we also provide preferential payment terms.
In line with our commitment to community investment, we identify and nurture local suppliers by offering various forms of support, including financial aid and managerial expertise, as well as strategic partnerships. Our ESD programmes align with B-BBEE requirements and aim to create employment, manufacturing and logistics opportunities. We focus on supporting businesses that directly impact the communities where they operate positively, fostering employment and economic growth. We have successfully partnered with black entrepreneurs and invested R78 million in ESD initiatives in FY23.
