Vodacom will spend R1.1bn on an employee share ownership scheme as part of its R17.5bn broad-based black economic empowerment (BEE) deal — the biggest BEE deal in the telecommunications sector. The scheme will benefit 4,637 permanent employees in SA. "The employee share scheme effectively is for all employees, but black employees and [especially] black female employees will obviously get the lion’s share," Vodacom Group CEO Shameel Joosub told Business Day. It was targeted more towards general staff as opposed to management, he said. Vodacom would spend about R1.1bn on the employee share scheme, which would be geared to give staff effective exposure to the group’s shares of R3.5bn — an average of nearly R755,000 per qualifying staff member. Meanwhile, the group’s new BEE deal, which was announced on Monday, will replace the scheme that was launched in 2008 and which expires in October 2018. If approved, the transaction will pool all of Vodacom’s BEE shareholders under a single entit...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.