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Media24 achieves highest BEE score yet

Cape Town - Media24 has significantly increased its broad-based black economic empowerment (B-BBEE) scorecard from 77.98 to 80.55, the company said in a statement.

It has retained its level 3 status with a total procurement recognition level of 137.5%. It is the highest score ever achieved by the SA print media company.

The improved 2015 BEE scorecard was announced after an external audit was completed.

"We are extremely proud of this achievement. We take transformation very seriously and the improvement of our scorecard over the years is evidence of our commitment,” said Media24 CEO Esmaré Weideman.

The company also obtained full points for ownership, management and control and enterprise development elements. Its management and control score improved from 8.75 to 9.27.

The preferential procurement improved from 17.41 to 18.12, employment equity improved from 2.40 to 2.56, and skills development improved from 9.42 to 10.60.

According to Anika Ebrahim, Media24's head of communication, the increase in the skills development score is largely due to Media24’s Apex Programme.

"In addition to the on-going internal training and bursaries that we have continued to offer to our staff across various disciplines and the bursaries and internships that we have offered to graduates, we have invested significantly in the Apex programme, which launched in April 2014," Ebrahim told Fin24.

Apex Future Leaders is a two-year executive management programme that was created to drive transformation at management level.

Launched in April 2014 in partnership with Duke Corporate Education for the first year and UCT’s Graduate School of Business for the second year, the programme combines academic training with practical assignments and six-month stints in Media24's print and digital publishing divisions.

Six talented black managers (five women and one man) are currently being fast-tracked for management positions and will complete their programme in March 2016.

The company has black ownership of 45.82% and retains its status as a value-adding supplier.

READ: New B-BBEE supplier status coming into effect

According to Ebrahim Media24's Welkom Yizani black economic empowerment (BEE) share offer accounts for 15% of black shareholders. The rest is from black shareholders in the mandated investments in Media24's holding company, Naspers [JSE:NPN]. These investments are counted using the flow-through method.

The company said the policies and strategies that have been put in practice in the group have ensured that measurable progress has been made towards genuine black economic empowerment.

“We are fully committed to transformation and have changed the way we do business to make this a reality. We still have much work to do, but I couldn’t be prouder. This result is possible only through genuine dedication by our people,” said Weideman.

ALSO READ: Don't be short-sighted about BBBEE

* Fin24 is part of Media24, a subsidiary of Naspers.

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