Corporate Governance
Trust Deed
The operations of the Distell Development Trust are governed by the Trust Deed.
One of the salient provisions of the Trust Deed is:
6.1 The principal and sole object of the Trust is to identify opportunities with the general aim of advancing BEE ownership and empowerment in the interest of, and for the benefit of, the Beneficiaries. Such object shall include, but not be limited to, providing a vehicle through which the Beneficiaries acquire economic exposure to investments derived from the acquisition of ownership interests in commercial enterprises, subject to the principles contained in and as contemplated in the Code 100 Series.” (See Annexure F)
In the Definitions section, “Beneficiaries” are described as follows:
2.6 “Beneficiaries” means:
2.6.1 the members of a Community who are Black People;
2.6.2 any Public Benefit Organisation established for the sole benefit of Black People and which also directly or indirectly benefits any person detailed in clause 2.6.1 above and;
2.6.3 any association of persons carrying on one or more Public Benefit Activity in South Africa for the sole benefit of Black People and which also directly or indirectly benefits any person detailed in clause 2.6.1 above;
provided that:
2.6.3.1 at least 85% (eighty five percent) of the value of the benefits allocated by the Trust shall accrue, directly or indirectly, to Black People;
2.6.3.2 at least 50% (fifty percent) of the value of the benefits allocated by the Trust shall accrue, directly or indirectly, to Black People, who are women;