Johannesburg, 01 Sep 2004
Global audit and business advisory firm, Ernst & Young has given Spartan Technology Rentals, one of the leading and longest-serving technology rentals companies in SA, a 75% black economic empowerment (BEE) accreditation rating.
This is the highest rating Ernst & Young has given a company in the technology rental sector to date.
The rating is an independent factual finding based on verification, validation and analysis procedures performed by Ernst & Young and based on targets set out by the Department of Trade and Industry's broad-based BEE strategy document. Ernst & Young also co-developed specific BEE targets with Spartan based on relevant industry charters.
The overall BEE score was based on the percentage results for equity ownership, management control, employment equity, skills development, preferential procurement, enterprise development and corporate social investment.
According to Ajay Lalu, Director of BEE Strategic Services at Ernst & Young: "Ratings have become a necessity in the broader economy, particularly in light of the various charters that have been published and in the process of being finalised.
"Within our core competency of auditing and financial reporting, Ernst & Young has extended its offering to provide BEE accreditation services, thus allowing us to independently verify the empowerment status of companies," says Lalu.
"We believe we've raised the level of accreditation and BEE ratings to a whole new level, by applying auditing principles to verify the information and not just focusing on the reports presented by the companies being rated. This, we believe, makes the rating and accreditation process more complete," Lalu says.
"Companies like Spartan are ahead of the game in having their BEE status verified, warts and all, and it is encouraging to see that Spartan is taking this process to heart and acting positively in improving the areas that need attention," Lalu says.
Commenting on the rating, Spartan Technology Rentals CEO, Kumaran Padayachee says: "For us, it was essential to proactively verify our BEE credentials by an independent body such as Ernst & Young. The firm is a leading brand of integrity and assurance and we believe this rating will give the market the level of comfort that the rating is credible and independent.
"Obviously the benefits of true empowerment will only be seen if it is lived through the business and its people, and we believe that we have instilled the commitment in our people and set up the necessary processes to attain and exceed all the requirements of the BEE scorecard," says Padayachee.
Armed with its BEE rating and the new corporate image it launched recently, Spartan Technology Rentals is set to play a more instrumental role in preserving and enhancing the integrity of the technology rentals industry in SA.
"We are determined to become industry protectors by benchmarking the highest industry standards, practices and ethics. Spartan Technology Rentals will also play a constructive role in encouraging the transformation process within our sector, and this rating will assist us to leapfrog ahead of the pack," says Padayachee.
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