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Black Economic Empowerment

Keaton Energy recognises the role that the company can and should play in the transformation of the economy and indeed of its own workforce. The company’s role lies broadly in three areas, namely:

• increasing the economic interest by HDPs in the resources industry;
• encouraging the development of black empowerment business entities and providing opportunities for these companies to provide goods and services, as discussed above; and
• transforming the demographics of corporate South Africa by recruiting, training and developing HDPs within the business.

In respect of the fi rst point, Keaton Energy has remained true to its original philosophy. The company was established with strong BEE credentials to identify and develop projects in line with the tenets of the MPRDA. All the group’s operating subsidiary companies are fully empowered, in line with the requirements of the Mining Charter. HDPs, including women, are represented as owners and as directors of the operating subsidiaries and the holding company, and as employees in senior executive roles in the group.

Keaton Energy was established in 2006, directly as a consequence of the MPRDA, and to comply with this Act in all respects. Keaton Energy was established through the acquisition of 74% interests in prospecting rights previously owned 100% by BEE entities. The 74% interest was acquired for cash or through the issue of unencumbered listed shares. The remaining 26% interest in the operating entities continues to be held by the BEE entity. Keaton Energy has entered into funding, management and shareholder agreements relating to each operating company. As a consequence, 26% of each operating company is held by a BEE entity and a further approximately 8% of the listed company itself is also held by BEE entities. These interests are all unencumbered.