MTN Group Limited statement
The MTN Group wishes to announce that its Board of Directors (the Board) has approved an allocation of funding for political parties in relation to the general elections in South Africa on 22 April 2009.
This approval has been granted by the Board in line with MTN's Code of Ethics and the Corporate Political Contributions Policy. The total value of the approved funding is approximately R13 million. This disclosure is made in accordance with MTN's commitment to uphold good corporate governance practices.
MTN's funding of political parties is made in support of democracy in South Africa.
Issued by MTN Group Corporate Affairs, March 13 2009
Additional note: In reply to a query from Politicsweb as to how the money would be allocated and whether the Congress of the People would receive a share MTN Group spokesperson Ms Nozipho January-Bardill issued the following statement:
MTN's distribution formula for political party funding
MTN's policy on distribution is adapted from the Independent Electoral Commission's distribution model. The principle of proportionality in the South African Parliament informed the distribution of the funding. The company also considered requests from new players of relative significance in the political landscape.
Issued by MTN Group Corporate Affairs, March 16 2009
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