Novus Holdings has been awarded a Level Two Broad-Based Black Economic Empowerment (B-BBEE) rating under the recently revised B-BBEEE Codes of Good Practice (which came into effect on 1 December 2019). The company may be one of the first companies to be rated in line with the revised Codes. The new Codes saw Novus Holdings move from a Level One to a Level Two company.
The Level Two rating was given in line with the revised B-BBEE Codes of Good Practice and is based on the company’s most recent Annual Financial Statements and ownership data. The new Codes have adjusted criteria for the categories Enterprise and Supplier Development (ESD) and skills development, amongst others, which resulted in Novus Holdings moving to a Level Two status from the Level One status that was narrowly achieved in mid-year this year.
‘Novus Holdings is committed to proactive transformation, and we are proud of the Level Two rating that we have achieved. We take transformation very seriously, and this is reflected in our approach to skills development, ownership transformation, procurement, succession planning and applying diversity of thought in the daily operations of our business,’ said Neil Birch, Novus Holdings CEO.
Level Two status for an organisation as large and diverse as the Novus Holdings Group is a competitive advantage of which the Group is particularly proud. The Group conducted the latest B-BBEEE verification process as part of a peer review process from the previous service provider’s rating level. This process was undertaken to assist the company on its transformation journey.
‘We won’t be resting on our laurels, and we will continue to look at the Group’s initiatives in order to positively impact transformation going forward and further improve our transformation efforts,’ Birch concluded.