MTN Group reaches Level 1 B-BBEE status

The group also saw improvements in its management control and equity ownership score.
Image: Moneyweb

Mobile network operator MTN Group has, for the first time, achieved a Level 1 Broad-Based Economic Empowerment (B-BBEE) contributor status. The rating is for its financial year (ended December 31, 2021), and an improvement on its 2020 Level 2 contributor status.

Its major subsidiary MTN South Africa has meanwhile maintained its Level 1 contributor status for the third year running.

Group president and CEO Ralph Mupita says the company is pleased with the progress it is making in driving broad-based transformation and called the achievement of the Level 1 contributor status for both the group and the South African operation a “major milestone”.

“As MTN Group, we see broad-based transformation and making socio-economic contributions to the markets we operate in as key to our sustainability and creating shared value,” he added.

The group, which has 270 million customers across 19 markets in Africa, also reported a 4.5-point increase in its management control score, as a result of achieving its economically active population targets and the increased appointment of women on its board of directors.

Its board of 14 directors comprises nine men and five women.

The current board saw its first appointment of a female director, in independent non-executive director Swazi Tshabalala, in June 2018. Tshabalala was joined by independent non-executive director Sindi Mabaso-Koyana in 2020. Group chief financial officer Tsholofelo Molefe, independent non-executive director Noluthando Gosa and independent non-executive director Nosipho Molope joined the board in 2021.

The group also saw its equity ownership score improve by 0.94 points.

Mupita says MTN will continue to contribute meaningfully to South Africa’s socio-economic transformation by prioritising enterprise and supplier development, and skills development in 2022.

“In an environment of mounting economic challenges, we are pleased to be able to help create meaningful opportunities for South Africans,” adds Charles Molapisi, MTN South Africa’s CEO.

Nondumiso Lehutso is a Moneyweb intern.

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