MTN Group has reached a major milestone as it has, for the first time, achieved Level 1 Broad-Based Black Economic Empowerement (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 obtained in the Group’s annual B-BBEE compliance report which was released on Friday 13th May.
In this year’s report, major subsidiary MTN South Africa (MTN SA) retained its level I 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 the 4.5-point increase in its Management Control score. This resulted from MTN Group’s 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.
The company’s Equity Ownership score improved by 0.94 points as the Group maximized the Designated Group sub-indicator.
Mupita further said that 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.
“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,” MTN SA CEO Charles Molapisi concurred.