Broad Based Black Economic Empowerment means the economic empowerment of all black people including women, workers, youth, people with disabilities and people living in rural areas through diverse but integrated socio-economic strategies. Measurement is by a balanced score card, including factors such as equity ownership, procurement, employees, social upliftment, and the purchase and sale of properties.
During the last 3 years SA Corporate has purchased/developed 5 centres in previously disadvantaged areas, with a total value of R520 million. This includes Umlazi Mega City and Philani Valley Centre in Umlazi Durban, Hubyeni Shopping Centre in Elim, Limpopo,Nzehlele Shopping Centre in Polokwane and Dube Village Mall in KwaMashu. A further new development with a value of R106 million is currently underway.
Although management of SA Corporate facilitated a R658 million equity ownership BEE deal in 2007 with Wipken trust, a 50/50 partnership between Women Investment Portfolio Holdings Limited (WIPHOLD) and Kensani Properties (Pty) Ltd, unit prices weakness in 2008 has resulted in the funders taking ownership of these units.
The SA Corporate board has approved a procurement policy that requires the fund to contract with level 4 contributor (or better) supliers and has set targets and strategies wih the objective that SA Corporate achieves a level 4 contributor rating.