Harambee Workers Trust
In the spirit of transformation of Namibia’s fishing industry, Erongo Marine Enterprises made history in 2017 by becoming one of the first fishing companies to introduce integrated broad-based equity participation in its operations through a Workers’ Trust.
All permanent workers benefit directly through dividends paid by the Trust, aptly named the Erongo Marine Harambee Workers Trust under the theme “empower, equip and transform”.
The share scheme provides for direct ownership and economic empowerment of the company’s permanent employees through a 15% percentage shareholding in the Arechanab Fishing and Development Company, a quota holding company in which Erongo Marine is a shareholder.
Dividends paid through the Trust are distributed equally among permanent workers and is exclusively for workers. It excludes top management. Employees serve as trustees, which means workers are not only involved in the economic activity of the company, but also its management.
Through the Trust employees are also empowered through financial literacy training.
“This forms part of our strategy to fully align the company with Vision 2030, the National Development Plans, the proposed New Equitable Economic Empowerment Framework (NEEEF) and The Harambee Prosperity Plan to ensure that all of our workers are included in the benefits gained through our operations.”
Dr Martha Uumati, MD of Erongo Marine Enterprises