PUBLIC APOLOGY: BENEFICIARIES OF THE G4S SHARE TRUST
Pursuant to complaints made by three beneficiaries of the G4S Share Trust to the Broad-Based Black Economic Empowerment (“B-BBEE”) Commission, the B-BBEE Commission initiated an investigation into whether G4S Secure Solutions, in which the G4S Share Trust is a shareholder, complied with the requirements of Black ownership as envisaged in the B-BBEE Act, No. 53 of 2003, and the Codes of Good Practice issued thereunder (collectively “B-BBEE Legislation”). G4S Secure Solutions fully and transparently co-operated and engaged with the B-BBEE Commission during the investigation.
During such engagements with the B-BBEE Commission in the course of the investigation, it became apparent that the G4S Share Trust, which was formed in 2005 prior to the advent of the B-BBEE Legislation, was inadvertently not updated to take into account the changed B-BBEE legislative landscape with the result that the G4S Share Trust was no longer fully compliant with the B-BBEE Legislation.
This was a regrettable bona fide oversight on the part of G4S Secure Solutions and we confirm that we no longer recognise the G4S Share Trust for B-BBEE ownership purposes. G4S Secure Solutions has agreed to various remedial recommendations with the B-BBEE Commission which would address G4S Secure Solutions’ non-compliance with the B-BBEE Legislation in a manner that will advance transformation in the interest of the public and prevent similar oversights from occurring in future.
It has been one of G4S Secure Solution’s key objectives to achieve real and meaningful transformation for its workforce and we have regrettably inadvertently fallen short of this objective in respect of the G4S Share Trust. We confirm that G4S Secure Solutions will strive to ensure that it fully complies with the B-BBEE Legislation in respect of all of its future B-BBEE initiatives and that such on oversight shall not occur again.