The board and management of Spur Corporation are committed to ensuring formal corporate governance structures and procedures are in place to maintain ethical and balanced decision-making practices that consider the interests of all stakeholders. These structures and procedures are implemented in a way that supports the entrepreneurial characteristics that remain fundamental to the success of the Group.
The board has considered the Group’s application of King IV™ and believes Spur Corporation has adequately applied its principles and is attaining the fundamental objectives and spirit thereof.
Governance and Sustainability Highlights:
Spur Corporation is committed to the principles of B-BBEE. The Group believes that South Africa’s long-term success is critically dependent on transformation. The Group’s transformation initiatives support the development of historically disadvantaged individuals at franchises and Spur Corporation regional offices, and are an important means of addressing societal sustainability.
Transformation progress is measured against the dti Codes of Good Practice. The revised codes came into effect in 2016 and are considerably more stringent than the original codes. Due to the complexities and uncertainties arising from the revised codes, the group has not yet finalized the 2016 scorecard.
Spur Corporation will fall under the Tourism Charter of the BEE codes.
- Ownership 8.59/20
- Management control 4.24/12
- Employment equity 2.13/12
- Skills development 16.50/18
- Preferential procurement 18.09/20
- Enterprise development 0.28/10
- Socio-economic development 6.92/10
- Codes of Good Practice Level Level 5
* Measured in terms of the previous dti Codes of Good Practice before revision.
The activities of the Spur Foundation support the nutrition and provision of basic services to children from disadvantaged communities. The proposed donation of 500 000 treasury shares over five years will provide annuity income and guarantee the long-term sustainability of the Foundation and its activities.
- The Full Tummy Fund, a Spur Foundation initiative, was launched during 2016. With a strong developmental focus on the first 2 000 days of a child’s life, especially on education and nutrition, the Fund aims to fill tummies and feed minds.
- The Group continues to implement environmental initiatives at corporate level, including energy retrofits and recycling projects. Raising environmental awareness in stakeholders is important, as well as influencing a positive environmental approach in our supply chain through continuous engagement. The Group’s green operations assessment supports improved energy efficiency, waste management and environmental awareness among franchisees.