Transformation

While our compliance with the B-BBEE Act remained significantly challenged due past lack of financial performance to support progressive integrated transformation, Foskor’s turn-around progress has enabled revitalization effort in this area. Foskor has approved and initiated implementation of programmes in areas such as Enterprise Supplier Development; Skills Development; Empowerment of the Disadvantaged Groups; and others. We expect to make progress in these transformation essentials.

The previously implemented BEE deal with Community Trusts in Phalaborwa and Richards Bay, as well as the ESSOP scheme have unfortunately not performed as per the intended objectives given the business challenges that Foskor grappled with in recent few years. Both deals are being looked into for future processes.

Significant steps have been taken to address SMME development, community social investment and attempts are being made to put financial resources to implement various local economic development projects.  We have geared our procurement systems to support the local SMMEs through our preferential procurement policy to ensure that we have a positive impact in our local host communities in both divisions.