OF'THE - VeritasZimveritaszim.net/sites/veritas_d/files/First Report... · 4 "2 C CI IVSMUNXTV S...
Transcript of OF'THE - VeritasZimveritaszim.net/sites/veritas_d/files/First Report... · 4 "2 C CI IVSMUNXTV S...
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S tr C O IND S E S S g OhI - tr X G]I]IT i\T PA$RX,XA1\Atr N]il
F'NR.ST R.EPOR.T
OF'THE T'X]IEIWAT'NC COI\{MNT'T'EE @I\ II\DNGENIS,ATNO]N.AiND EMPOWER.MENT'
ON T'HE OFER,{T'TOINS OF'' TT{E COIWM{JNINT'Y SHARE OWNER.SHW T'R.{JST'S.AhID
EN4PLOYtrE SF{AR]T OWhIER.SE]I{P SCHEIWES
Ft'esepsted to Ffir{isrpeetat Febrt,saryt 2015
(s"c E, 20x5)
DISTRIBUTED BY VERITAS e-mail: [email protected]; website: www.veritaszim.net
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@RDERED nN TtrRIWS OF'ST.ANDINTG OR.DER No.153:
1. At the commencement of every session, ihere shall be as many committees to be designated
accoidiirg to government poilfolios as the Standing Rules and Orders Committee may deem fit.
2. It shall be tire function of sucli coinmittees to examine expenditure administration and policy of
government departments and other inatters falling Lrnder their jurisdictions as Parliament may, by
resolution determine.
3. The members of such coinmittees shall be appointed by the Standing Rules and Orders
Committee, froin one or both Houses of Farliament, and such appointments shall take into
account the expressed interests or expertise of the Members and Senators and the political and
gender composition of Parliament.
TEFd]\{S CF' R.EF'trR.ENCE
Subject to these Standing Orders, a Thematic Cornmittee shall-
(i) It shall be the function of such Commiffees to examine government policies which fall under or
relate to the designated theme or themes, and other matters falling under their jurisdictions as the
Standing Rules and Orders Committee may determine;
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Oir Tnr-rr s Cray, i7 Ootob er 201s,
cn Standing Rules and Crclers
Committee on Indigenisation ancl
Ficn. Sen" Bhebe MHon. Sen. Chief Chitanga C.F
F{on. Sen" Chizema C.F
F{on. Sen. Chief Danclawa T"h4
F{cn. Sen. Goto R.F{on. Sen" Juba A.FIon. Sen. Mabugu F.EF{on. Sen. Mahofa S.ts
FIon. Sen. Vlaluleke C.F{on. Sen" Chief MarczvaFIon. Sen. Mashavakure J*{.
F{on. Sen. h4atiirira A.Hon. Sen. Mavhunga hzi.
Hon. Sen. Mlotshwa S.
F{on. Sen. h4uchihwa R..
Hon. Sen. MupfumiraP.Hon. Sen" lrldlovu J.
Hon. Sen" Chief NembireF{on. Sen. Chief NyamukohoF{on. Sen" Chief }*lyangazonke V.lrlF{on. Sen. I{yathi R.
F{on. Sen. Sibanda W.FIon. Sen" Tawengwa C.Z
h/iadaiir Fresideni of the Senate anncunced that the Cornmittee
rrcminatect tire following members to serve on the ThemaLte
Empo\ryerment:
F{ot'p," Sew" Cfsazerfra{E to he Cfauarpers,om
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1. O INTR.OD{JCT'ION
i.l Uirder indigenisation and empoweilnent, govemment focuses on broad based economicempowerment to ensure the majority of Zimbabweans are integrated into the n'lain streameconomy and that they become drivers and beneficiaries of the economic activities in thecolmry.
1.2 Some of the vehicles that are being used to achieve broad based economic empowerment are:Community Share Ownership Trusts (CSOT), Employee Share Ownership Schemes (ESOS,Direct Equity Participation, Procurement and Youth Development Fund among others.
1.3 Pursuant to its oversight role over the executive, the Thematic Committee on Indigenisationand Empowerment resolved to undertake an inquiry into the operations of the Community ShareOwnership Trusts and Employee Share Ownership Schemes in order to assess the progress madetowards the implementation of these schemes in accordance with the requirements of theindigenisation law. This report is a summary of the Committee's findings, observations andrecommendations on the same.
2.0 OE.TECTXVES
The objectives of the enquiry were:
2.1To understand the operations of both the Community Share Ownership Trus'is and EmployeeShare Ownership Schemes.
2.2 To assess the extent to which the programmes have been implemented
2.3 To appreciate challenges that may be hindering the implementation of these schemes.
2.4 To recommend strategies that may enhance the successful achievemeni of indigenisation andempowerment.
3.0 Vf,ETFIODOX-OGY
To gather information on the implementation of the Community Share Ownership Trusts andEmployee Share Ownership Schemes, the Committee held oral evidence meetings and receivedwritten submissions on the same.
3.X. Ona[ Evidemce Sessions
3.1.1 On behalf of the Permanent Secretary for the Ministry of Youth, Indigenisation andEconomic Empowerment, Mr. Sigobodhla, the Director of Indigenisation and Empowerment inthe ministry, unpacked the Indigenisation and Economic Empowerment Act [14:33]. This was
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clone in order to enhance the Commitiee's understanding of tlie indigenisation and empowerment
legislative framervork.
3.1.2The National indigenisaiion and Economic Empoweiment Board, Chief Executive Officei',
Mr. Gwatiringa briefed the Committee on the achievements and challenges that the Board is
faced with in various sectors in as far as the implementation of the indigenisation prograrnmes is
concerned.
3.1.3 The Committee received oral evidence on the operations of the follcwing six Community
Share Cwnership Trusts:
i, Bindura Community Share Ownership Trust
ii. \4hondoro-Ngezi-Chegutu-ZvimbaCommunityShareOwnershipTrustiii. Uzumba-Maramba-PfungweCommunityShareOwnershipTrustiv. Gwanda Community Share Ownership Trustv. Umguza Community Share Ownership Trustvi. Bikita Community Share Ownership Trust
3.1.4 The Committee also received oral evidence on the operating modalities of the Employee
Share Ownership Schemes of the following three companies: Meikles Limited, Schweppes
Zimbabwe Limited and Delta Coqporation (Pvt.) Limited.
3.1.5 In addition, the Committee received written submissions from all the witnesses that
appeared before it to give oral evidence on Community Share Ownership Trusts and Employee
Share Ownership Schemes.
4"CIT'F{E COV{iWlTT'trtr F-INDI]qGS
4" X. XND EGtrNNSATSON GEhIER.AT, C CV{PLNAIqCE
4.1.1 As of February 2014,theNational Indigenisation and Economic Empowerment Board (NIEEB) had
processed the following indigenisation plans subrnitted by cornpanies in different sectot's of the economy:
ivlining-464
Finance and Tourism-zl8
Vlanufbcturing-40X
Other-376,bringing the tctal to I 459"
4.L2 Cballenges encountered in pursuing compliance include a misunderstanding of the
programme, resistance by some companies, intransigence, avoidance and politicisation of the
economic prografilme.
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4.2.1 The Community Share Ownership Trust is established in terms of Section 148 of the
General Indigenisation Regulations of 2010 and registered by the Registrar of Deeds.
4.2.2 This scheme is a govemment initiative under the indigenisation programme aimed at
ensuring that communities have shares in companies that exploit natural resources in their areas
and use the proceeds from the shareholding to fund developrnental projects in their communities.
4.2.3 Foreign-owned mining companies operating in Zimbabwe are compelled to dispose of 5I%
shareholding to locals and at least 10% of this equity is seeded towards Community Share
Ownership Trusts which are reserved for the local community in which the firm operates.
4.2.4 The pledge is a donation to the trust in order to enable it to start functioning. It is also
important to note that advance dividend was also accepted as initial capital to kick start the
activities of the Trusts. The seed capital amounts have been given by businesses according to the
capacity of such businesses. However, there is no legal instrument to enforce pledges, hence the
Ministry of Youth, Indigenisation and Economic Empowerment and the board rely on persuasion
or the good will of the companies to ensure that the companies honour their pledges'
4.3 COMPLIAI{CE
4.3.1 Not all Community Share Ownership Trusts have received seed crtpital. Only those with
operating and compliant companies exploiting their natural resources have received seed capital.
By March 2014,only 16 Community Share Ownership Trusts out of the 61 that were registered
throughout the country were operational as some companies were yet to pay seed capital. A total
of USD116.4 million was pledged to the trusts by several companies across the country and of
that, about USD30 million was paid to the Trusts by March 2014.
43.2 ENNDUR.A COMM{JN{TV SH,{R,E OWNER.SE{NP TR.{JST
FredaRebecca Gold Mine pledged US$10 million to Bindura Community Share Ovrnership
Trust. The arrangement is that FredaRebecca Gold Mine will disburse US$l million per year to
the Bindura Community Share Ownership Trust for a period of 10 years. As at March 2014,thecompany had disbursed US$l million towards seed capital and an additional US$l million
through an advance facility, (see annexure I).
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4.3"3 MT{ONDOR.O-NGEZX.CIq:EGUTU.ZVNMBA COMMUNNT'V ST{,AR.E OWNER.SE{XF
TR.{.]ST'
Zimplats plege<i US$10 million to Mhondoi'o-Ngezi-Chegutu-Zvimba Coinmunity Share
ownership Trust and had disbursed the whole amount as at March 2014. The US$10 million was
to be shared equally among the three disti"icts which are Mhondoro-Ngezi, Chegutu and ZvrmbaThe Pan African mines are among companies that are rel.uctant in terms of compl.iance, (see
annexure 2).
43.4A2\JndB.A-M,ARAMts.A.PF'{J]NGWE COMMUINNT'V SHAR.E OWNER.SHNP T'R.E]ST
Larfage pledged US$1 million to Uzumba-Maramba-Pfungwe Community Share ownershipTrust. The agreement is that Larfage will disburse the money in thlee installments of US$333
000.00. As at April2014 the company had disbursed US$326 000.00. Other companies operating
in this community but are not compliant include; Rocklink, Sulleage Gold Mines, Natural Stone,
Black Granite, Ground Rock Gold Mining and Light Weight Gold Mining, (see annexure 3).
4.3"5 GW,ANDA COMMU}{ITV SX{AR.E OWI\ER.SHW T'RUST'
Gwanda Community Share Ownership Trust had four qualifying companies that made pledges
as follows: (i) Blanket Mine-US$l million and disbursed the whole amount plus US$4 millionadvance dividend loan. (ii) Pretoria Portland Cement-Us$l.5 million and disbursed US$1.4million, the remaining US$100 000.00 was being held by the company pending subscriptionagreement certificate from the National Indigenisation and Economic Empowerment Board. (iii)Farvic Mine-US$180 000.00 and disbursed US$30 000.00 (iv) Jessi Mine-US$500 000.00,and disbursed US$250 000.00 as at April 2014. Vumbachikwe Mine had not complied with the
indigenisation law, (see annexture 4).
4.3. 6 UlW GWZA COIWMIUNST'V SF{AR.E GWIVER.SF{XP T'Nq.{JST"
Pretoria Portland Cement pledged US$1.5 million to Umguza Community Share OwnershipTrust and had disbursed US$l 399 700.00 as at April2014. The outstanding amount of US$ 100
300.00 was to be disbursed upon the finalisation of subscription agreement documents, (see
annexure 5).
4.3.7 EIKNT.A COMM{JNNT'V SH.AR,E OWNtrR.SE{NF T'R.{JST'
Bikita Minerals made a pledge of US$ 1 million to Bikita Community Share Ovmership Tru-st anci
had disbursed US$50 000.00 as at April 2014. Other non-compliant companies that are operatingin the area are Bayrich MineA[an-Jiang African Resources and the Consenrancy, (see annexure6).
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4.3.E Of the six Community Share Ownership Trusts that appeared before the Comrnittee, onlyGwanda Community Share Ownership Tiust had received, in addition to their seed capital,dividend arising tiom their 10% shareholding in Blanket Mine. Bikita Community Share
Ownership Trust received the ieast amount of US$50 000.00 towards seed capital compared tothe other five ihat aooeared before the Committee.
4.4 F'NN.AINCE
4.4.1 Section 17 of the Act provides for the imposition of "one or more levies on any private orpublic company and any other business operatin g in Zimbabwe" for the funding of the Nationalindigenisation and Economic Empowerment Board's mandate.
4.4.2 Though National Indigenisation and Economic Empowerment Board made proposals and
submissions on the levies, it still does not have the Statutory Instrument to collect the levy.
Hence, the Board depends on fiscal budgetary allocations since inception with the result that the
programme has been grossly underfunded.In2014 national budget, National Indigenisation and
Economic Empowerment Board was allocated [ISD2.6 nai]liore against its request for USD X0
million.
4.4.3 The provision of financial assistance to business start-ups, rehabilitation and expansion as
well as management buyouts has been adversely affected by the perennial lack of financialresources. Thus, the National Indigenisation and Economic Empowerment Board has been
redirecting some of the loan applications for business start-ups to financial institutions such as
CABS and STANBIC, but has no power to approve on who should get and who should not.
4.5 .ATTATNMENT OF' TF{E 1O% S}I,AR.EX{OLBTI{G
4.5.1 Of the six Community Share Ownership Trusts that appeared before the Committee, onlyone Community Share Ownership Trust namely Gwanda had attained the 10% sharehoiding withBlanket Mine and has a member who sits on the board.
I
4.6 VOUTH EMPOWER.MEIVT'IN T'HE COMMUNITY SHAR.E OWNER.SE{NF T'R.UST'S
4.6.I Community Share Ownership Trusts are required to ensure that all infrastructuredevelopment projects engage youth through providing jobs. However, there remains a gap inCommunity Share Ownership Schemes to effectively address youth socio-economic needs.
According to the written submission from the National Indigenisation and EconomicEmpowerment Board, as of March 2014, Zvishavane Community Share Ownership Trust was
the only Trust that was proactive in ensuring that youth in the local communities of Zvishavanewere employed.
4.6.2 Circular Jt{o. 1 of 2A13 of the h{inistry or" Youth,Empowerment outlines that a quota be set aside, such that at
Av
Xndigenisation and Econcmicleast 10% cf the budget for all
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Community Share Ournership Trusts is for yor-rth einpowerment programmes. Cnly twoCommunity Share Ownership Trusts oi-it of the 6 that appeared before the Committee hadcomplied with this requirement. These are Eindura-US$i00 000.00 and Gwancla-US$250000.00.
4.7 EMPX,OVEE SH.AR.E OWNtrR.SFNNF SCF{EME tr.trG,AT, F'R,AVIEWOR.K
4.7.1 The Employee Share Ownership Scheme is established in terms of Section 14A of theGeneral indigenisation R.egulations of 2010. The regulation provides that at least 5%shareholding in a company shall be considered as compliance by a company establishing anEmployee Share Ownership Scheme. The purpose of this scheme is to ensure broad basedeconomic empowerment by ensuring that the workers participate by way of having direct equityparticipation in the companies they are woiking for. It was envisaged that this will indirectly leadto the increase in productivity levels in the companies anci low employee turnovers in companiesthat have implemented the scheme as employees derive job satisfaction and thus resulting instable employment.
4.7.2 It is important to note that Employee Share Ownership Schemes are only established bymeans of moral persuasion. Companies have a legal leverage not to implement Employee ShareOwnership Schemes especially when they have used other entities to achieve full indigenisation.
4.E CON4PI,N^ANCE
4.8.1 Meikles Limited had not empowered its employees through the Employee ShareOwnership Scheme. The Company borrowed US$1.4 million from the Pensions Fund of itsworkers to establish the Employee Share Ownership Scheme. The Committee was also informedthat govemment owed Meikles Limited US$90 million. Of this amount, the Reserve Bank ofZimbabwe had given Treasury Bills worth of US$49 million to Meikles Limited as at August20t4.
4.8.2 Schweppes Zimbabwe is performing very well business wise. However, employees gotUS$240.00 as dividends for the years 2010 and 2011, thereafter, they did not get them due to theUS$12.1 million outstanding balance of the US17,5 million loan that the company had borrowedfrom the local banks as capital injection. Employees expressed dissatisfaction over the groupcertificate that they own compared to individual certificates that the middle management of 6people have.
4.8.3 Delta has issued a total of 120 million shares to staff under the share schemes since 2009but has no control on how the employees deal with the shares they would have acquired throughthe Employee Share Ownership Scheme, resulting in most of them prefening to sell the sharesfor cash to fund their personal needs.
4.8.4 The tax legislation regards the capital gain arising from the share schemes as taxableincome which is subject to Pay As You Earn.
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4.8.5 When Zimbabweans buy shares froin the foreigners in existing companies, this amounts todisinvestment by the foreigners and money leaves Zi";nbabwe within 7 days of the transaction;the end result is capital flight.
4.8.6 Non-managerial employees received sha:es for iree vrhile managerial employees boughtshares through the Share Option Schemes.
4.8.7 Deltahas 2 employee share schemes namely:
I{a) The Share Participation Schteme (established in 1990). The employees have since received anet of US$150.00 each per year in dividends in the last few years. The Scheme has about 14
million shares cunently valued at US$20 million and has 2 45A participants.
1,(h) Empowerment Scheme- 20 million Delta shares were allocated to permanent employees inGrade E and below in 2008 with.each getting 5000 shares. The scheme matured in September2013 and the bulk of the employees opted to cash in. A total of 14 million shares were sold forUS$18 million with each getting a pay-out of about US$5 800.
(2) Share Option Scheme-Managerial employees participate in this scheme. They are offered topurchase a given number of shares at a price fixed on the grant date. The employee can walkaway from the arrangement if the prices are not attractive. The Share Price is oniy payable onmaturity after a minimum vesting period of 3 years. Currently, PAYE is payable on the discountoffered by the company arising from the share options or the capital gain over the vesting period.
4.10.8 Delta also empowers sorghum and barley farmers through contract farming which it fundsto the tune of US$60 million per annurn.
5.0. COMMNT'TEE OBSER.V.{TNONS
The Committee observed that:
5.1 The Indigenisation and Economic Empowerment programme is grossly underfundedresulting in some empowerment programmes e.g youth and women empowelment programmes,failing to take off. ,
5.2 The coilection of levy is the only legal source of funding available to the NationalIndigenisation and Economic Empowerment Board, but does not have the Statutory Instrumentto do so.
5.3 Some legislative and bureaucratic issues are hindering the smooth implementation of theindigenisation programme. These include among others:
(a) Lack of clarity on the Indigenisation and Economic Empowetment Act;
(b) the misinterpretation of the Act and regulations by the majority of people in thecounffy;
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(c) the dispai'ity betureen the Incligenisa-iion Aci a:nd other larvs. For instance, theh4inistry of Youth, Indigenisation and Economic Empowerment has to rely onother Ministries io ensure compliance, e.g. the Vlinistry has to get the Ministry ofhrdustry and Cominerce to assist them in as tar as canceling licenses withZimbabrve trnvestment Authority is concerned; and
(d) the delays by the Ministry of Youth, Indigenisation and Economic Empowermentin processing the subscription agreement documents that ensures the attainment ofthe L0% shareholding by the Comrni-inity Share Ovmership Trusts.
5.4 The apparent reluctance of most companies to allocate value to employees and to honourtheir pledges is a clear indication of the limits of the Act in dealing with broad basedempowerrnent.
5.5 There is communication breakdown between the lMinistry of Youth, Indigenisation andEconomic Empowerment and the Ministry of Mines and Mining Development in terms ofdisseminating information regarding the mining companies ihat are operating in the country.
5.6 Sitting allowances and other related allowances of the Community Share Ownership Trustsboard members are not standardised.
5.7 Faihire by some companies to declare dividends due to debts that they need to offset first.
5.8 Lack of understanding of the Employee Share Ownership Schemes by the employees.
5,9 Lack of trust between the employees and management.
5.10 Employees cease to benefit from the Employee Share Ownership Trusts upon retirement,death or when one resigns.
5.11 Zimbabwe Institute of Public Administration and Manasement trainins courses areexpensive.
5.12 Non-compliance by the qualifying companies e.g Pan African Mines, Rock Link, BayrichMineA{an- Jiang African Resources among others.
5.13 Poor investment portfolios as in the case of Gwanda Community Share Ownership Schemewhich had its US$2 million locked in MetBank due to liquidity challenges.
5.14 Capital flight negatively impacts on the successful implementation of the indigenizationprogramme.
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6.O R.EC CIMME i\F,,,A.T'NONS
The Cornmittee recominends that:
6.1 Govemment must allocate adequate funds and disburse it timeously to the National
Indigenisation and Economic Empowermen.i Board in every nationai budget to enable it
discharge its mandate.
6.2 Government must pu-t in place the Statutory Instrument that enables the National
Indigenisation and Economic Empowerment Board to collect levies by June 2015.
6.3 Government must ensure that the misconception or misinterpretation of the indigenisation
and economic empowerment is cleared immediately to allay fears to enable all concerned
stakeholders to particiPate.
6.4 Government must immediately come up with a piece of legislation that requires companies to
contribute a certain percentage towards the seed capital of the Community Share Ownership
Trusts; and which also gives powers to see that the requirement is enforceable by June 2015.
6.5 Government must come up with another piece of legislation that provides for the application
of punitive measures to those who fail to meet the requirements; this also applies to Employee
Share Ownership Schemes by June 2015'
6.6 Effective information dissemination by the Ministry of Mines and Mining Development to
the Ministry of youth, Indigenisation and Economic Empowennent on all the mining companies
that are operating in all the provinces in the country, is paramount to ensuring total participation
by these companies in the indigenisation and empowelment programme.
6.7 Ministry of youth, Indigenisation and Economic Empowerment must standardise the sittings,
sitting allowances and other related allowances of the Community Share Ownership Trusts of
board members.
6.8 Ministry of Youth, Indigenisation and Economic Empowerment must expedite the processing
of subscription agreement documents to ensure the attainment of the 10% shareholding by the
Community Share Ownership Trusts 2015.
6.9 Effective comlnunication in companies is vital to ensuring that employees understand the
Employee Share Ownership Trusts and are kept abreast with developments in the company in
order to avoid mistrusts and misunderstandings between the management and the employees.
d.10 Companies in every sector of the economy should, where they are profitable, declare
dividends to Employee Share Ownership Trusts for employees to benefit from the proceeds of
the companies that they are working for'
x.2
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6.11 The N4inistry of Youth, Indigenisation and Economic Empowermeirt should consider
institutions oiher than ZIFAM tlrat will offer the t-rair'ing courses of the Community Share
Ownership Truist board inembers ai a reasona.ble cosi.
6.12 Ca:paeity building foi'the Coiamunity Share Ownerstrip Trusi board meinbers should be an
on-going process.
5.13 There is need for government to strike a balance between orming business and creating new
value and attracting foreign direct inrrestment io address tli.e issue of capital flight.
In conclusion, the Committee notes with concern the failure by Farliament to provide funds forthe Committee to undertake fact -finding visits to some of these Communi'ty Share Ornmership
Trusts. The Commiftee therefore, urges Farliament to put more effort in the provision of funds
for Committees activities.
.7 -ll.f
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