ForeMedia Adopted FairShares Principle
ForeMedia Group Plc, is an African, International media and digital communication services company driven with the latest Technology.
The company comprises of different platforms which include TVs, Magazines and Blogs to tell true stories and project the values of Africa to the World. ForeMedia Group Plc has introduced many brands including ForeTV, ForeTV News, ForeTV Sports, ForeTV Plus, ForeBlog, ForeMag, ForeMedia Events, ForeMedia Studios and a Social TV App, ForeLive.
ForeMedia is a Social Enterprise company guided with FairShares principles.
The FairShares Model is a brand and concept advanced by The FairShares Association to assist the creation of FairShares Enterprises. At the heart of the brand is the definition of social enterprise established by Social Enterprise Europe Ltd based on:
· Specifying social purpose(s) and evaluating impact(s) in a trading organisation;
· Ethical review of product/service choices and the way they are delivered;
· Integration of primary stakeholders into ownership, governance and management.
In the FairShares Model, primary stakeholders are regarded as:
· Producers and employees (i.e. those who do the work of the organisation)
· Consumer and service users (i.e. those who depend on its products and services).
If a FairShares Enterprise does not integrate producers, employees, consumers or users into ownership, governance and management, it is not conforming to the FairShares Brand guidelines. Founder members and investors are regarded as secondary stakeholders if they do not work on, or depend on, the goods and services that the enterprise creates.
ForeMedia Group has adopted the Fairshares Model which will promotes recognition of capital contribution which includes natural, human, social, intellectual, and economic and also finances by founders, labors, users and financial supporters where every stakeholder is allocated a fairshare of the wealth and power created by this business.
According to the chairman and the CEO of ForeMedia Group Honorable Babatunde Oralusi , the fairshare model was developed to create and sustain networks of united enterprises that will share power and wealth among their entrepreneurs.
ForeMedia Group is passionate about Fairness and Fairshares introduces the principle of fairness in organizations. It takes effect after certain period of commitments by employees, employers are supposed to give a certain percentage of their profit to them making it a fair one.