• TRANSFORMATION

INDUSTRY AND ENTERPRISE DEVELOPMENT

INDUSTRY

The Sea Harvest Group is committed to supporting the South African government in its efforts to transform the domestic fishing industry. The Group has adopted various measures within its South African business to achieve this, which has resulted in Sea Harvest moving from a Level 4 Broad-based Black Economic Empowerment (B-BBEE) company 10 years ago to a Level 1 company. The Group’s transformation journey was accelerated when Brimstone became a shareholder, which resulted in the Group’s c.83% black ownership (up from 21% 15 years ago) and overall BBBEE score of 104.44 on the Department of Trade and Industry’s generic BBBEEE scorecard.

In 2018, the Group succeeded in concluding a transformational transaction that saw the fishing rights of a majority white-owned company acquired by a majority black-owned consortium and creation of two new 100% black-owned entrants into the South African fishing sector.

Other initiatives that have allowed Sea Harvest to boost transformation include the formation of Employee Share Trusts that allow employees to benefit in dividend declarations; a rigorous recruitment policy; and an ambitious Learning and Development Programme. Sea Harvest has also made strides in its transformation ambitions by implementing a Management Development Programme for high-performing employees from previously disadvantaged backgrounds. Investing in local communities through the Sea Harvest Foundation Not-for-Profit Company is another way in which Sea Harvest tries to bring about social change.