We want to achieve more than simply financial returns.Our properties are deeply embedded in the community and the economy. We realise that the socio-economic challenges facing South Africa are immense and we are committed to being a responsible and active corporate citizen.
We believe that broad-based black economic empowerment (BBBEE) is a pragmatic strategy that seeks to address historical inequalities and mobilise the potential of all South Africans. We embrace the objectives of BBBEE and believe that it is essential to play our part in moving South Africa forward.
Our approach to transformation
We seek to create long-lasting, robust and broad-based benefit for the wider South African society. We believe that by empowering South Africans at all levels through education, we can go a long way towards overcoming the barriers to transformation and, at the same time, create the kind of skills that the country needs.
In keeping with this focus, Redefine established an Empowerment Trust, issuing to the trust shares valued at approximately R3 billion. The trust, which has been structured as a capital-preserving trust, will continue in perpetuity. Its main focus is on activities to improve education and training through the provision of scholarships, bursaries and community development programmes. The trust will operate independently and will be managed by external independent trustees.
For the past 16 years, Empowerdex, South Africa's leading empowerment ratings agency, has undertaken an annual assessment of the status of the JSE-listed companies’ black economic empowerment scores. We are pleased to be rated as the most empowered South African REIT in 2016, and 41st overall. We believe this achievement reflects our commitment to meaningful transformation, and we recognise that there is still much work to be done in this arena, particularly under the new codes.
Level 3 contributor
Redefine has been rated against the BBBEE codes of good practice published by the Department of Trade and Industry and has achieved a Level 3 contributor status. A Transformation Committee has been appointed to approve Redefine's BBBEE score over time.