GEOSS Isipho Trust was established on 21 January 2019 with the purpose of operating as a Broad-Based Ownership Scheme and Public Benefit Organisation. The Board of Trustees is comprised of two members of the Board of Directors of GEOSS South Africa (Pty) Ltd, Julian Conrad and Dale Barrow, and two independent trustees, Jordache Fortuin and Priscilla Muller. The objective of the Isipho Trust, which translates to “gift” in Zulu, is to economically empower its beneficiaries and promote community-based projects to the benefit of black women and children by means of the Isipho Trust Fund. The Trust will focus on economically empowering especially black employees that are in full-time salaried employ of GEOSS South Africa (Pty) Ltd as well as socio-economically empowering qualifying non-profit organisations to access the economy.
Beneficiaries are categorised into two classes. The first class of beneficiaries, comprises of black people that are economically needy that received a bursary from the Trust to study at a school (primary or secondary) or tertiary education institution. Black women and children that are economically poor and needy that will benefit from community development and anti-poverty initiatives comprise the second class of beneficiaries. Since the Trust values and recognizes the importance of education, it has identified the provision of bursaries and funding for study in the fields of mathematics, science, geology and any of its subfields, as one channel through which to economically empower beneficiaries. Another avenue through which it seeks to uplift beneficiaries, especially black women and children, is through the promotion of community-based projects relating to self-help, empowerment, capacity building, skills development or anti-poverty initiatives.
Guided and informed by the Companies Act 61 of 1973 as well as Section 30 of the National Income Tax Act, the Trust has established a Trust Fund, which will acquire shares in GEOSS South Africa (Pty) Ltd. The Trust Fund serves as the main mechanism through which the Trust will achieve its objectives and assist beneficiaries that are identified according to a set of criteria. The Fund will also make resources required for training, support or assistance to community-based projects available, as determined by the Trustees.