Oceana came soaring up the rankings from last year, with a clear lead over its rivals not just in overall terms but in virtually every aspect of the scorecard.
It was recently awarded a double "A" rating by Empowerdex for its blue-chip BEE credentials.
Of the 2 000 companies, listed and unlisted, that have been rated thus far by Empowerdex, only 38 have scored AA ratings for BEE compliance.
Oceana scored very high - "A"- in the black ownership category. As at December 2006 an effective 30,16% of the company was in black hands. The Oceana Black Employee Share Trust (Obest) owns 12,4% and empowerment holding company Brimstone owns 10%. The balance comes from the empowerment status of Oceana's other major investors.
Obest is made up entirely of permanent and permanent seasonal "black" employees. In terms of the trust rules, all 2 300 employees who qualify are given shares in the company, or rather the "right to participate in the share trust", in accordance with their seniority. The shares are managed by the Khula Board of Trustees for 10 years, after which they vest with the employees and may be retained or freely traded.
But it's not just equity ownership where the company scored well - it also scored high marks in preferential procurement, enterprise development and social development.
Oceana is a low-profile company that simply gets on with the job in a difficult, cyclical industry. It believes in empowering people, building partnerships and investing in sustainable community projects. Broad-based BEE is an integral part of its business practices and strategy.
The Oceana Brands division is engaged mainly in fishing for inshore pelagic species (pilchard and anchovy) and in the production, marketing and distribution of fishmeal and branded canned fish products, particularly pilchards under the Lucky Star label in Southern Africa. It also produces quality pet food under the Lucky Pet label.
In another difficult year for the industry because of poor fishing conditions, Oceana managed to produce a good set of results - earnings per share for the year ended September 30 2006 increased by 19% over the previous year. Turnover fell 1% while operating profit before abnormal items increased by 1%. Net cash balances reduced to R126,7m as a result of the group's contribution to the funding of its BEE transaction during September 2006.
CEO Andrew Marshall says: "The finalisation of the long-term rights process will present opportunities for rationalisation and restructuring in the SA fishing industry. With its strong balance sheet and secured BEE shareholding, Oceana is well placed to participate in any consolidation."
Marshall says the commitment to BEE is not a result of the pressure of government regulations.
"It is one that we have held for some time because we believe it is the right thing to do. We recognise the objectives of BEE cannot properly be achieved through a narrow focus on ownership and management, but rather that an integrated and co-ordinated approach is required.
"Oceana sees BEE as an opportunity to normalise the SA economy, rather than a constraint."
Marshall says Oceana wants to demonstrate that it believes in its workforce and the future of the country, whose wealth needs to be more evenly distributed among all its people.
