Worx Group achieves Level 2 BBBEE status
Worx Group has concluded a corporate restructure that sees its empowerment rating improve to Level 2 while significantly enhancing its transformational plans, and is expected to have a profoundly positive influence on the company’s community in the years ahead.
The restructure sees Worx Group’s total black ownership grow to over 51%, combined with the Group’s existing Enterprise and Socio Development programmes being expanded and enhanced.
The Group’s revised structure sees the development of a broad-based black economic empowerment trust, to be known as the Impact Trust, with profits made in respect of the trust to be used to further the education and opportunities for underprivileged children, with a special focus on those with learning disabilities. This is a cause that the Group has supported for some time, and which remains close to the hearts of its founders.
This approach, along with a range of other support measures over a number of years, will assist selected schools and institutions in making a difference in the lives of these children, as well as in the lives of their families.
“From our early foundation days over a decade ago we have been eager to, through our company’s endeavour, assist those less fortunate than ourselves. Thanks to this restructuring, we are today able to respect the requirements of the BBBEE code and that of our clients’ transformational needs, but more importantly for us as a Group, we can now more significantly contribute to transformation that we believe makes the most significant impact. This allows us to deliver what we believe is real value through the very real actions of our people,” says Worx Group Chief Executive Officer, John Paul Waites.
“We have been searching for a BBBEE solution that truly aligns with our Group culture, people and values and, in the vision and programmes of the Impact Trust, I am confident that we have found it,” continues Waites. “As a company that has always had people at the heart of the business, being able to deliver change in this environment while offering conformity to existing stakeholders under the new structure gives us everything we need to take Worx Group forward.”
The Group undertook a full corporate review during 2016 which has resulted – in addition to the improved equity structure – with dramatically improved Enterprise Development, Social Development, and Community driven programmes.
“As a Group we are proud to have been able to make the contributions that we have made to date, but this revised structure allows us to take well-meaning programmes and enhance them to achieve significantly more impactful transformational outcomes. Equally rewarding is that this programme allows us to partner with our clients and industry to further enhance the contributions that can be achieved.”
With the restructuring complete, Impact Trust and Worx Group are currently finalising an ambitious programme and partnership that will lead to the opportunity to build a number of classrooms at select disadvantaged schools. With the ever more challenging education landscape in South Africa – compounded for schools supporting disabled children from disadvantaged communities – Worx Group is eager to support where they can to enhance these children’s’ potential.
The Group’s executive team have long held the belief that education – both formally through educational institutions and through work experience opportunities – holds the key to long-term transformation, and their Impact initiatives are heavily focused on these opportunities.