JSE-listed provider of business support services and ICT solutions, Morvest Business Group (“Morvest”), has been rated number five overall in this year's Financial Mail Top 100 most empowered listed companies survey, and number one in the services sector. The group scored well across the board, ranking at number six in the management pillar and number 14 on the empowerment equity pillar.
CEO Mohammed Varachia explains: “We are extremely proud of the acknowledgement of our empowerment achievements by this prestigious survey, reflecting our strong advancement in this regard not only in our industry, but also among top listed companies across various sectors.”
Morvest remains committed to transformation as part of the group's overall growth strategy. “BBBEE is an integral driver of economic and social transformation in SA and we are committed to responsible corporate citizenship,” says Varachia. During the 2011 financial year, Morvest increased black shareholding to over 50% and secured a level 2 BBBEE rating, distinguishing the group from its competitors.
Morvest is black-owned and seven members of the nine-member board are black, with the group's total BEE score totalling 93.41. With regard to management, 46.6% of senior and middle management is black.
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