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Gold Circle Improves B-BBEE Status

KZN Racing Operator in transformation overdrive

Gold Circle has announced that, further to the finalisation of its annual Broad-Based Black Economic Empowerment (B-BBEE) verification, the company has improved its credentials and is now recognised as a level 2 contributor to B-BBEE.

Gold Circle CEO Michel Nairac (Pic – Candiese Lenferna)

“Given the many challenges of the 2021 financial year which included Covid-19 lockdown restrictions, the unrest, industry related issues,  more stringent regulatory and legislative challenges and the arduous requirements of the new codes of practice, this result is the best we could have hoped for,” said Michel Nairac, CEO of Gold Circle.

The company has an approved Transformation Strategy and is geared to achieving the objectives of the B-BBEE Act.

These include a greater focus on enterprise and supplier development, procurement, employment equity, skills development and corporate social investment. The majority of Corporate Social Initiatives that the company invests in are industry based. One such initiative is the Summerveld Clinic which was launched on 1 December 2021. Gold Circle are the sponsors of the clinic which will provide high level medical services to grooms, employees and the local community.

“Gold Circle is especially committed to Skills development as we believe that education is the key to unlocking true empowerment,” said Veronica Jack, Corporate Services Executive of Gold Circle. “The company offers a number of learnership opportunities to employees and external internship career opportunities to graduates in a vast array of skills. These include Finance, HR, IT and Technical, Television, Publishing, Catering and Horticulture. We will also be embarking on a bursary programme in the new year”

There is a strong focus on Women Empowerment at all levels within the organisation. Gold Circle’s Board, chaired by Mrs Belinda Scott comprises 12 directors, 7 of which are black and 4 of which are female.

For its efforts, the company has been recognized by TOP500 as the best managed company in the Gaming and Leisure sector.

Researchers of the TOP500 publication recognise economic empowerment and how companies promote equity and social transformation as key factors in awarding a company the TOP500 award.

“Gold Circle is proud of its achievements as it reinforces the company’s credibility as a responsible corporate entity.  We recognise that Transformation within Gold Circle is not a destination but a journey and we are continuing to strive toward excellence in all areas of our business in this regard.  We remain optimistic that this result will put to rest the view that Gold Circle has not transformed,” concluded Nairac.

  • Media release by Gold Circle on Monday 10 January 2022

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