Discovery Health - Vitality & Team Vitality plus everything else you need to know

[Captain Fastbastard Mayhem]

Ask them to remove your details from their marketing / cold calling roster. 

[Captain Fastbastard Mayhem]

Just got this re the share incentive scheme... 

 

Discovery Bank BEE Scheme-1542801270113.pdf

[Captain Fastbastard Mayhem]

Short version: We needed to allocate shares for BBBEE. We thought clients were a better bet for more diversity than a small selection of executives. 

[Gen]

Short version: We needed to allocate shares for BBBEE. We thought clients were a better bet for more diversity than a small selection of executives.

I can't download the file..but I assume employees or the small selection of executives aren't eligible to earn free shares.. Edited November 21, 2018 by Gen

[Captain Fastbastard Mayhem]

I can't download the file..but I assume employees or the small selection of executives aren't eligible to earn free shares..

Here you go, Gen

 

The Discovery Bank BBBEE Scheme As part of the launch of Discovery Bank, Discovery announced a broad-based BEE (BBBEE) Scheme in which 10% of the Bank would be owned by qualifying customers.

 

Gore said “We have received a considerable amount of feedback on this proposed Scheme. Upfront it is important to stress the value we place on what our customers think of us and the extent of their loyalty to us; and therefore we take their feedback incredibly seriously. At the same time, we need to always operate in a way that is consistent with the social and legislative imperative.”

 

It is important to clarify the rationale for the proposed Scheme and correct certain misperceptions.

 

• There is a social licence to operate. Discovery is a deeply patriotic and values driven organisation that has committed to investing in excess of R13bn into South Africa over the next five years – the Bank is central to this. In the context of investing in South Africa, there is a clear moral imperative for transformation. Achieving this in an inclusive way is fundamental to a successful, moral and secure future for the country. The Bank’s BBBEE Scheme has been structured to support this.

• Transformation in South Africa is legislated. Legislation requires black ownership, and specifically as part of our licensing process, a commitment was made to the South African Reserve Bank of direct black ownership in our Bank. We need to honour this commitment.

 

“Based on the fundamental issues of transformation, BEE requirements and licensing, the issue then became how – in terms of the Scheme’s design and execution. We felt that a Scheme that would have broad reach by directly linking to individual customers, would be equitable and more moral and inclusive than one in which a few people or narrow groups would benefit,” said Gore.

 

While details of the BBBEE Scheme will be finalised next year, Discovery clarified:

 

• The Scheme shares will not be given away for “free”. Qualifying customers will pay for their shares (and any interest thereon) via vendor financing within the Scheme. This approach is consistent with many other models in the financial services and banking sectors.

• As Discovery Bank is not a separately listed entity, the shares will not be tradeable.

• The Scheme is intended to be broad, and will be available to individual participants. There will be qualifying criteria for these participants, and this will be finalised in 2019. There will be conditional requirements that participants will need to meet over the term of the Scheme.

• Critically, participants will share only in the additional economic value they help to create – the arrangement is not at the expense of other members.

 

“Our primary goal is to build a bank that is progressive, nation building and rewarding for its customers. Our vision is to build a bank that helps individuals build a financial stronger future. We will continue to consult and incorporate all legitimate feedback as we finalise the details of the Scheme,” he concluded.

[Gen]

Here you go, Gen

 

The Discovery Bank BBBEE Scheme As part of the launch of Discovery Bank, Discovery announced a broad-based BEE (BBBEE) Scheme in which 10% of the Bank would be owned by qualifying customers.

 

Gore said “We have received a considerable amount of feedback on this proposed Scheme. Upfront it is important to stress the value we place on what our customers think of us and the extent of their loyalty to us; and therefore we take their feedback incredibly seriously. At the same time, we need to always operate in a way that is consistent with the social and legislative imperative.”

 

It is important to clarify the rationale for the proposed Scheme and correct certain misperceptions.

 

• There is a social licence to operate. Discovery is a deeply patriotic and values driven organisation that has committed to investing in excess of R13bn into South Africa over the next five years – the Bank is central to this. In the context of investing in South Africa, there is a clear moral imperative for transformation. Achieving this in an inclusive way is fundamental to a successful, moral and secure future for the country. The Bank’s BBBEE Scheme has been structured to support this.

• Transformation in South Africa is legislated. Legislation requires black ownership, and specifically as part of our licensing process, a commitment was made to the South African Reserve Bank of direct black ownership in our Bank. We need to honour this commitment.

 

“Based on the fundamental issues of transformation, BEE requirements and licensing, the issue then became how – in terms of the Scheme’s design and execution. We felt that a Scheme that would have broad reach by directly linking to individual customers, would be equitable and more moral and inclusive than one in which a few people or narrow groups would benefit,” said Gore.

 

While details of the BBBEE Scheme will be finalised next year, Discovery clarified:

 

• The Scheme shares will not be given away for “free”. Qualifying customers will pay for their shares (and any interest thereon) via vendor financing within the Scheme. This approach is consistent with many other models in the financial services and banking sectors.

• As Discovery Bank is not a separately listed entity, the shares will not be tradeable.

• The Scheme is intended to be broad, and will be available to individual participants. There will be qualifying criteria for these participants, and this will be finalised in 2019. There will be conditional requirements that participants will need to meet over the term of the Scheme.

• Critically, participants will share only in the additional economic value they help to create – the arrangement is not at the expense of other members.

 

“Our primary goal is to build a bank that is progressive, nation building and rewarding for its customers. Our vision is to build a bank that helps individuals build a financial stronger future. We will continue to consult and incorporate all legitimate feedback as we finalise the details of the Scheme,” he concluded.

Thanks

[Frosty]

I like that they have come out and said it like it is, and not pretending to paint a false front. Sometimes the truth hurts!

[Captain Fastbastard Mayhem]

I like that they have come out and said it like it is, and not pretending to paint a false front. Sometimes the truth hurts!

Yeah, indeed. 

 

We'll still see the calls of boycott boycott, but the info is out and straightforward. 

[Flyer007]

Yeah, indeed. 

 

We'll still see the calls of boycott boycott, but the info is out and straightforward. 

People can throw their toys as much as they like - this is the reality of living in SA (and I'm not saying whether its right or wrong).

If you want to boycott, then do it!!

Just apply Rule #5 and HTFU.

[shaper]

As I discuss with my accountant often with regard to BBBEE compliance......you can either call it another form of taxation else it is what it is to do business in SA

[Veebee]

Quick Q with regards to the vouchers.

Can you use multiple Disco vouchers at Dischem on 1 transaction ?

[Cyclewizz]

Quick Q with regards to the vouchers.

Can you use multiple Disco vouchers at Dischem on 1 transaction ?

 

yes you can

[Frosty]

Quick Q with regards to the vouchers.

Can you use multiple Disco vouchers at Dischem on 1 transaction ?

yes you can

Is that a guess or confirmed?

 

Sorbet told my wife only one voucher is allowed.

[mon-goose]

another question. This weeks challenge is to be in the top 20% of my group for an extra play. Can I delete everyone above me so I finish top of my group:)

[Veebee]

another question. This weeks challenge is to be in the top 20% of my group for an extra play. Can I delete everyone above me so I finish top of my group:)

 

you must have 5 friends or more.

The "Celebs" dont count.

[mon-goose]

there's about 12 other people so would be more than 5:)