Sustainability Report 2012 - Transnet

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Employee Retirement ProvisionsThe Transnet Retirement Fund (the Fund) is an independent legal entity established in terms of theTransnet Pension Fund Amendment Act No 41 of 2000 and is managed and governed by a Board ofTrustees. The administrator of the Fund is Metropolitan Retirement Administrators. The Fund is a dailyunitised defined contribution arrangement offering member choice - investment risks are carried by themembers of the Fund and not the participating employers. The value of the benefits that ultimatelyaccrues to members is determined by the accumulation of contributions directed towards retirementfunding, together with investment returns, net of taxes and on-going investment management charges.The Fund provides retirement, death and withdrawal benefits for employees of the participatingemployers on their retirement or upon termination of service for other reasons, as well as benefits forthe dependents of members in the event of their death. Members contribute at a rate of 7,5% of eachmember’s pensionable salary matched by the participating employers’ contributions of 7,5% of eachmember’s pensionable salary. In addition, participating employers contribute 4,5% of each member’spensionable salary. These contributions are used to Fund risk premiums, administration costs andother fund expenses. The Fund offers a number of distinct investment portfolios that offer superiorrisk and return characteristics relative to inflation, which are appropriate for members with differenttime horizons to retirement. The number of members in the Fund at 31 March 2012 was 62 326(2010/11: 60 314).Sustainability performance: Social dividendsTransnet Second DefinedBenefit FundThe Transnet Second Defined BenefitFund (TSDBF) is a closed fund ofpensioners with no new membersentering. This poses significantchallenges to ensuring sustainablebenefits for these members. TheBoard of Trustees of the TSDBF havehad extensive engagements withmembers, Transnet and Parliament inrecent years in order to ensure thatmembers receive optimum benefitsfrom available funds.Refer to Volume 1for further details.LOOKING AHEADTransnet’s social dividends are being further enhancedin 2012/13 by:Accelerated diligence on governance, risk management,compliance, and fraud and corruption prevention forMDS implementation.Improved EE, particularly for women and PWDs.Heightened safety efforts to achieve zero fatalities.Level 3 B-BBEE rating in 2012/13 to achieve Level 1 by2016/17.Roll-out of Phelophepa II community health care trainfacility.Measurable success in Transnet Foundation’s teacherdevelopment programme.Tracking of stakeholder engagements across Transnet.Sustainability Report 201267
Environmental dividends“Everyone has the right to have the environment protected, for the benefit of presentand future generations, through reasonable legislative and other measures thatprevent pollution and ecological degradation, promote conservation and secureecologically sustainable development and use of natural resources while promotingjustifiable economic and social development.”These are the systemic environmental challenges which Transnet faces:Constitution of the Republic of South Africa, 1996 ransnet’s business is conducted across South Africa’s rich ecosystems: in coastal waters, overmountains, rivers, wetlands, semi-deserts, valleys, forests, fynbos and veld. Through these systems, webuild infrastructure, operate equipment, and handle large volumes of cargo. Every day, our employees,contractors, suppliers and customers have an impact on the natural environment and depend on it fortheir livelihoods. Our responsibility is to mitigate this impact and protect our invaluable natural heritage. primary source of energy, is supplied by South Africa’s coal-fired power stations which emit largequantities of greenhouse gases (GHG) into the earth’s atmosphere, contributing to global warming. Diesel,imported from oil-extracting countries and manufactured by emissions-intensive processing locally, emitsGHG at a high cost to the environment, both in climate change and localised air quality. We use water buthave not yet quantified how much we can save. We comply with waste management regulations but havenot yet pursued deliberate recycling strategies. year to power stations and export facilities, and continues to invest in new railway capacity to meet therelentless demand for coal from growing economies both locally and abroad. We are mindful that this isboth a value proposition and a long-term risk as the world seeks renewable forms of energy tosustainably support burgeoning populations. erratic and violent weather events, particularly coastal storms and floods. Our infrastructure planning isbeing adapted accordingly. Water scarcity adaptation measures are also needed.In recent years, our focus has been on environmental impact mitigation plans for infrastructure projectsand environmental regulation compliance. In these, Transnet is acclaimed for innovative biodiversityprotection and sound environmental management practices. These efforts continue and will be furtherenhanced in the years ahead. Our environmental focus is now expanding to encompass initiatives inenergy, carbon, water and waste.68
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NATIONAL PORTSAUTHORITYSALDANHAPORT
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Sustainability Report 2012 - Transnet

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