According to a joint statement by the Department of Economic Development and SAFCEC, WBHO, Aveng, Murray & Roberts, Group Five, Basil Read, Raubex and Stefanutti Stocks signed an agreement to accelerate the pace of transformation in the sector on the 11th October 2016. The agreement has three dimensions:
- Financial Contribution for Development Projects. The organisations will contribute R1.5 billion over 12 years to a fund. The initiatives which the fund will support include,
- financial support for young trainee artisans and engineers from disadvantaged backgrounds;
- support for teaching maths and science at public schools;
- development and promotion of black construction industries and
- secondment of skilled resources to state departments.
- Transformational Commitments in the Sector.
- The organisations are to become fully transformed. With an Equity Model of at least 40% black ownership.
- Adopt a partner model, by mentoring at least three emerging black owned companies, equipping them with skills, systems and ensuring a combined annual revenue equal to at least 25%.
- Integrity commitments by the CEOs. The leadership have committed to integrity, transparency and fair competition practices, which are free from collusion and corruption.