In 2005, Dr James Motlatsi entered into a Black Economic Empowerment (BEE) transaction with the owners of TEBA Limited, who were the various gold and platinum mining companies at that time. As a condition of his offer to purchase TEBA from them, Dr Motlatsi insisted that 25% of the shares of TEBA be transferred to the employees of TEBA by way of the TEBA Employee Trust (TET). His thinking was to provide a way for employees to share in the profits of TEBA, and to promote long-term wealth creation for them, based on the performance of the company. The TEBA Employee Trust (TET) was formally established in 2006.

In terms of clause 4 of the TEBA Employee Trust, Trust Deed, there shall be at all times, five trustees in office, made up of three company trustees and two beneficiary trustees as detailed in clause 5.

• Company trustees are elected by the board of directors of TEBA Limited, and hold office until such appointed trustee resigns or is removed by the board of directors.
• Beneficiary trustees are elected by the beneficiaries by way of a ballot (as described more fully below). Each one of the beneficiary trustees will be appointed from the A/B Band and one from the C-Plus Band. Beneficiary trustees hold office for a period of three years from date of appointment, unless they resign or are removed by unanimous consent of all trustees.

THE TET TRUSTEES AT 1 JUNE 2018 ARE:

Yedwa Simelane

Sithembiso Nkosi

Tumo Monei

Thabo Gumbi

Stewart Truswell

All full-time permanent employees of the company (including any directors holding salaried employment or office), whose contracts of employment do not preclude them from becoming beneficiaries of the TEBA Employee Trust, and who have been in the employ of the company for no less than twelve months. (People employed on fixed-term contracts are precluded from the TET.)

Trustees in their sole discretion, and after taking into consideration the financial standing of the TET, may declare that a distribution of funds surplus to the needs of the TET be made to beneficiaries of the TET (in-service benefit). To promote a savings culture, TET beneficiaries may apply for a low interest loan, equal to 50% of their TET benefit, to consolidate their debt and secure financial peace of mind. TET beneficiaries may only apply for this loan once.

A TET beneficiary must have been employed by TEBA on a permanent basis for a minimum of seven years in order to qualify for 100% of their TET benefit. The value of the TET benefit is determined by whether the beneficiary is deemed to be an initial beneficiary (employed by TEBA on or before 29 January 2012) or a new beneficiary (employed by TEBA on or after 30 January 2012).

Contact Lynda Eatwell at 011 353 6113 or email lynda.eatwell@teba.co.za