Empowerment, not Affirmative Action, is the Future
Why am I posting the article below? The answer is that it tells a story that American private enterprise doesn't want to hear: Affirmative action in America has caused billions upon billions of dollars to be wasted setting up and maintaining private enterprises that are simply "fronts" designed to generate numbers for minority content levels mandated by federal and state regulations and set-asides.
I ask that the American OEM automotive industry-at least, what's left of it-tell us how many new jobs for American minority group members have been created by all of the supplier diversity programs since the beginning of their participation in the development of minority business enterprises?
I ask further for them to tell us how much profit for the minority business enterprises has been generated by their supplier diversity programs, and I ask the minority business enterprises to tell us the salaries of their executives, individually and identify them by race.
Why don't large European and Asian companies make investments here in the USA in minority business enterprises on the scale of the one discussed in the article below?
Read the commitments below that a French company is making to the indigenous people of the Republic of South Africa and ask yourself just how effective American affirmative action has been?
Lafarge signs R1,1bn empowerment deal, creates new company
--------------------------------------------------------------------------------
French construction materials group Lafarge has signed a R1,1-billion broad-based socioeconomic empowerment deal that has resulted in the creation of Sinako, a broad-based new generation and women-led company.
The stakeholders of Sinako, which means Âwe can in Xhosa, are Motjoli, a black-owned and -managed company, with a 20% stake, Peotona, a majority black-women-owned company also with a 20% stake and two broad-based trusts.
The education trust consists of a 53% stake, while the community trust has a 7% stake in Sinako.
Sinako will own shares in Lafarge mining and industrial.
Speaking at a media briefing held in Sandton, Johannesburg, on Friday, Lafarge CEO Frederic de Rougemont said while many regarded such a transaction as a hurdle, he saw it as an opportunity to introduce an element of diversity that would result in innovative creations.
He said that one of the objectives in structuring the transaction was the inclusion of community involvement, especially in the rural areas.
ÂWe have about 23 communities along the quarries and we see at least two to three of these communities taking a stake in Sinako, he said, adding that a number of communities had already shown an interest in becoming stakeholders.
Rougemont pointed out that the Education Trust would benefit the visually impaired and HDSAs from marginalised communities, with a particular emphasis on women.
Further, LafargeÂs HDSA employees will acquire an interest of about R275-million in the companyÂs operations.
Rougemont has pointed out that as skills development was important, the Education Trust, which consists of a majority share in Sinako, would provide support as well as funds.
He added that a R10-million dividend, which will be issued in the first year, would focus on skills development, especially for women and the visually impaired.
According to Rougemont, determining suitable partners meant that candidates were measured against criteria including integrity, reputation, business credentials, experience and the ability to add value.
Speaking at the ceremony, Motjoli CEO Nonkqubela Mazwai said that as BEE partners they would be actively involved in the commercial functioning of Lafarge by rendering meaning contributions to the committees to which they belonged.
She added that Motjoli, a mining exploration and development company, with focus in the coal and diamond sector would benefit extensively from the transaction as it would complement its asset base.
According to Peotona head and 29%-shareholder Cheryl Carolus, the acquisition provides her company with an opportunity to capitalise on strong growth prospects resulting in the building and infrastructure development boom.
I ask that the American OEM automotive industry-at least, what's left of it-tell us how many new jobs for American minority group members have been created by all of the supplier diversity programs since the beginning of their participation in the development of minority business enterprises?
I ask further for them to tell us how much profit for the minority business enterprises has been generated by their supplier diversity programs, and I ask the minority business enterprises to tell us the salaries of their executives, individually and identify them by race.
Why don't large European and Asian companies make investments here in the USA in minority business enterprises on the scale of the one discussed in the article below?
Read the commitments below that a French company is making to the indigenous people of the Republic of South Africa and ask yourself just how effective American affirmative action has been?
Lafarge signs R1,1bn empowerment deal, creates new company
--------------------------------------------------------------------------------
French construction materials group Lafarge has signed a R1,1-billion broad-based socioeconomic empowerment deal that has resulted in the creation of Sinako, a broad-based new generation and women-led company.
The stakeholders of Sinako, which means Âwe can in Xhosa, are Motjoli, a black-owned and -managed company, with a 20% stake, Peotona, a majority black-women-owned company also with a 20% stake and two broad-based trusts.
The education trust consists of a 53% stake, while the community trust has a 7% stake in Sinako.
Sinako will own shares in Lafarge mining and industrial.
Speaking at a media briefing held in Sandton, Johannesburg, on Friday, Lafarge CEO Frederic de Rougemont said while many regarded such a transaction as a hurdle, he saw it as an opportunity to introduce an element of diversity that would result in innovative creations.
He said that one of the objectives in structuring the transaction was the inclusion of community involvement, especially in the rural areas.
ÂWe have about 23 communities along the quarries and we see at least two to three of these communities taking a stake in Sinako, he said, adding that a number of communities had already shown an interest in becoming stakeholders.
Rougemont pointed out that the Education Trust would benefit the visually impaired and HDSAs from marginalised communities, with a particular emphasis on women.
Further, LafargeÂs HDSA employees will acquire an interest of about R275-million in the companyÂs operations.
Rougemont has pointed out that as skills development was important, the Education Trust, which consists of a majority share in Sinako, would provide support as well as funds.
He added that a R10-million dividend, which will be issued in the first year, would focus on skills development, especially for women and the visually impaired.
According to Rougemont, determining suitable partners meant that candidates were measured against criteria including integrity, reputation, business credentials, experience and the ability to add value.
Speaking at the ceremony, Motjoli CEO Nonkqubela Mazwai said that as BEE partners they would be actively involved in the commercial functioning of Lafarge by rendering meaning contributions to the committees to which they belonged.
She added that Motjoli, a mining exploration and development company, with focus in the coal and diamond sector would benefit extensively from the transaction as it would complement its asset base.
According to Peotona head and 29%-shareholder Cheryl Carolus, the acquisition provides her company with an opportunity to capitalise on strong growth prospects resulting in the building and infrastructure development boom.
posted by Jack Lifton at 9:25 AM
0 Comments:
Post a Comment
<< Home