and franchisor to the automotive market
Shareholding
Imperial Holdings Limited
Midas’s majority shareholder, IMPERIAL has completed BEE ratings processes in the majority of their
divisions and has secured a BEE rating certificate in respect of ownership and management. IMPERIAL
has an effective empowerment shareholding of 35%.
Midas Group (Pty) Ltd
With IMPERIAL Holdings Limited being empowered and Franchisee Trust being similarly
empowered, the effective empowerment shareholding is 26% which exceeds the guideline criteria
of 25%.
Franchisee Trust
The franchisees of the Group own 10% of the Group through the Franchisee Trust. Of the franchisees 43% are from the previously disadvantaged groups.
Employment Equity, Skills Development and Training
The Group's transformation strategy, which places a strong emphasis on skills and people development for the achievement of greater diversity, provides further guidance on skills development initiatives. In line with this strategy, the Midas Group has recently rolled out in excess of 50 learnerships across the organization.
By investing in the continuous development and growth of its employees, Midas can ensure a ready supply of people at technical, management and leadership levels.
The Group has Regional Employment Equity committees for each site with a staff compliment of more than 50 employees which meets regularly to plan, manage and monitor not only the Group’s Employment Equity targets but reviews training plans and Social Responsibility initiatives. The regional committee reports to a National Employment Equity which meets quarterly. The National Committee is chaired by Group Commercial Director and is attended by the Group CEO. The Group is committed to fair and equitable Labour practises and towards the development of previously disadvantaged employees
Full Scorecard of Compliance
Black Economic Empowerment (BEE) remains a strategic imperative for our Group; both our success and sustainability depend on it. Our commitment to transformation and empowerment is evident from the Group achieving a leve 3 BBBEE raiting maintaining its strong value-added supplier status.
Midas will continue to pursue and promote all facets of empowerment in our business with particular emphasis on the development, promotion and recruitment of black people in the group.
