CASE STUDY

Sixteen Eight Memorial Trust

Together with our Black Economic Empowerment partner, Shanduka Resources, we have set up a trust fund called the Sixteen Eight Memorial Trust, to take care of the educational needs of the children of all of our employees who lost their lives during the tragic violence that unfolded on 16 August 2012.

The cover is extensive and encompasses the full educational spectrum, from primary school up to tertiary level education.

According to the Fund rules, those who are eligible will receive the following benefits:

The Trust was registered by the High Court in January 2013 and has 147 children listed as beneficiaries to date. It was capitalised at R5 million through seed capital from Shanduka and Lonmin and has since grown to R6 million thanks largely to a R1 million contribution from Xstrata. R562,366.00 has already been released to dependants who qualified to register for the 2013 academic school year.

According to Natascha Viljoen, Executive Vice President, Processing and Sustainability, the Sixteen Eight Memorial Trust will need to support the education of these children for some 25 years. It exists alongside other educational support programmes for employees and local communities that are already established and operational. "All of these initiatives are designed to improve the living and working conditions of our employees, their families and host communities," she said.

The trust is governed by a Board of Trustees, the majority of whom are independent.

"We take the opportunity to thank all the donors who have opened their hearts by making generous donations to the Fund. We are grateful too for the support we have received from TEBA, which has been assisting with the verification process and payments to schools," said Viljoen. The Fund is currently managed by Cliffe Dekker Hofmeyr and will be audited annually by KPMG.