Meikles Limited (“ML”) embraces the spirit and objective of the indigenization laws of Zimbabwe and will prime all its activities to ensure compliance with such laws. In this regard, Meikles Limited is mindful that progress may appear slow due to a hybrid of historical issues, including the search for ways to recapitalise the operations, running a large and diversified corporation in a demanding economic environment and the obvious, but unfair comparison that may be made between this conglomerate and other local enterprises, the bulk of which are certainly younger and smaller, and therefore arguably more nimble in their response to the changing policy framework as articulated by the Ministry of Youth Development, Indigenisation and Empowerment. ML is in communication with the Ministry with a view to reaching agreement on ways to ensure full compliance with the Indigenisation Act.
To date, a framework acceptable to both the Ministry and the company was agreed to and the relevant Trust Deed for the creation of a share ownership trust, the vehicle through which ML will empower (indigenous) employees, at all levels, as proposed by the Ministry and accepted by the company, was approved by shareholders at the EGM of 18 August 2011.
As ML is a publicly quoted company (www.meiklesinvestor.com), information is already in the public domain regarding ML’s corporate governance and management structures. Where necessary, the company shall consider making appropriate adjustments bearing in mind the provisions of the law. The company will comply with the law and ensure that it remains and continues to enhance its status as an equal opportunity organisation.
It should be mentioned that in the interests of the company’s investors, the large numbers of employees and indeed in the interest of Zimbabwe’s economy, Meikles shall continue to ensure that there is an appropriate balance between the investor interests on the one hand and those of the communities in which we do business.
This market will be aware that ML has been at the centre of promoting indigenous businesses from long before this became a legal requirement, and can rightly be classified as one of the champions of indigenous economic empowerment in this country, the Kingdom Financial Holdings decade-long investment being a case in point.
For and on behalf of Meikles Limited