Global management consulting, technology services and outsourcing group Accenture has changed the structure of its South African operations as a pledge of its commitment to the local community and its support of the South African government’s black economic empowerment (BEE) initiative.
To align itself with the Information and Communication Technology (ICT) Charter and the Department of Trade and Industry’s Codes of Good Practice regarding BEE, Accenture has sold 30% of ordinary shares in its South African operations to a black-owned trust, a majority of whose trustees are black directors of Accenture.
The trust, known as the Akha Trust, combines the benefits of an owner-operator model with the advantages of broad-based BEE.
“The income generated by the trust will be used to fund broad-based BEE initiatives,” said Mandla Nhlapo, chairperson of the trust’s board of trustees.
“Our new arrangement creates an immediate 30% black shareholding for Accenture in South Africa, which cannot be lost through share trading, while enabling broad-based benefits of black shareholding without a capital outlay by black beneficiaries.
“The owner-operator model breaks perceptions of BEE-related equity partners with limited knowledge and operational control of the businesses in which they are investing.”
Accenture is already fully in line with the ICT Charter’s employment equity targets. Fifty-five percent of its workforce and 56% of its board in South Africa are black professionals. — I-Net Bridge