TRANSFORMATION
Transformation is a process initiated at the dawn of democracy in 1994 in South Africa to address the inequalities that resulted from the country’s past. As one of the largest black-owned companies in the South African fishing sector, one of the Group’s primary drivers is to continually improve on its transformation targets and, more importantly, to play an active role in empowering marginalised and disadvantaged groups and individuals. This is evidenced by the fact that Sea Harvest has moved from a Level 4 Broad-based Black Economic Empowerment (B-BBEE) company 10 years ago to a Level 1 company with a c.83% black ownership (up from 21% 15 years ago) and an overall B-BBEE score of 104.44 on the Department of Trade and Industry’s (DTI) generic B-BBEE scorecard.
The Group’s dedication to a holistic 20-year transformation journey culminated in Sea Harvest being named the Most Empowered fishing and food company on the Johannesburg Stock Exchange (JSE) in a special report about the empowerment credentials of JSE-listed companies, which was published by a South African media house in partnership with independent rating and research companies in November 2018.
INDUSTRY
Facilitating the transformation of the fishing industry has been an imperative for Sea Harvest since the advent of democracy in South Africa. In 1998, black-owned and managed Brimstone Investment Corporation (“Brimstone”) invested in Sea Harvest for the first time and eventually led a black consortium in buying out Tiger Brands’ majority shareholding in 2009. Brimstone gradually increased its shareholding to establish the 83% black-owned company that Sea Harvest is today. Other initiatives that have allowed Sea Harvest to boost transformation include the formation of Employee Share Trusts that allow employees to own a share in the company, thereby allowing the circle of benefit to include its staff. Sea Harvest has also made further strides in its transformation ambitions by implementing a Management Development Programme for high-performing employees from previously disadvantaged backgrounds.
During 2015, Sea Harvest entered into joint ventures with three smaller, black-owned businesses that hold long-term Deep-Sea Hake fishing rights, to assist them in catching and processing their allocated Cape Hake quota.
SMME DEVELOPMENT
In 2018, Sea Harvest co-founded a R100 million South African Fisheries Development Fund to support small, medium and micro enterprises (SMMEs) in the small-scale fishing sector. Through the Fund it provides marketing assistance, vessels and assets, management expertise, training and mentoring, and processing of fish to promote enterprise development. The primary objective of the Fund is to transform the fishing industry from the ground up by assisting smaller quota holders and small-scale fishers in catching their quotas, processing their catch, and accessing markets. For more information on the Fund and its activities go to https://fisheriesfund.co.za/en/.
CORPORATE SOCIAL INVESTMENT
Sea Harvest, through its not-for-profit company and registered public benefit organisation, the Sea Harvest Foundation NPC, is committed to sharing its wealth with the communities in which it operates.
The Group believes that the quality of its stakeholder relationships can be attributed to a willingness to engage openly and honestly, as well as understand and respond to stakeholders’ expectations.
EDUCATION & YOUTH DEVELOPMENT
The Foundation aims to empower and support youth by assisting schools, youth development organisations and sports clubs in the communities in which we operate. There is also a sharp focus on empowering the youth to become economically active, create sustainable livelihoods and become respectable members of society.
HEALTH
Access to basic health care is a human right. The Sea Harvest Foundation’s mission is to ensure that community members have no difficulty in accessing basic health services. Over the past five years, more than R2 million has been invested in the following initiatives: providing long-distance transport to medical facilities for Sea Harvest employees and their immediate family members who live in rural areas; supporting the Red Cross Children’s Hospital Trust; and donating funds towards the annual two-week dental clinic operated by former Foundation bursary recipient, Dr Joseph Joshua.
COMMUNITY DEVELOPMENT
Community development is another one of the Foundation’s priorities and our approach is focused on empowering communities to help themselves.
EARLY CHILDHOOD DEVELOPMENT
The importance of education in the early stages of a child’s life has been the drive behind our support of ECD’s. The Foundation has continuously assisted ECD centres so that they can adjust the monthly school fees to make it more affordable for parents, whilst also ensuring that learners receive quality education. With our contribution we aim to give parents peace of mind when they are at work that their children are in a safe and stimulating learning environment.
OTHER DONATIONS
Aside from its key focus areas, Sea Harvest through the Foundation invests in many other diverse projects aimed at benefitting and supporting community initiatives that will contribute towards developing a sense of social pride or that address a serious need. In most cases, funding is allocated to the relevant organisations on an annual basis.
