South Africa is lagging behind in its transformation crusade, given that Standard Bank and Nedbank have less than 1% black ownership and neither have concluded black economic empowerment (BEE) transactions for a decade.
Despite a post-apartheid political economy spanning more than three decades, South Africa is lagging behind in its transformation crusade, given that Standard Bank and Nedbank have less than 1% black ownership and neither have concluded black economic empowerment (BEE) transactions for a decade.
In significant findings laying bare the slow pace of transformation, respected economist Duma Gqubule has released the latest Black Ownership on the JSE Research Report, in partnership with the Black Management Forum and the Transformation Lens.
The research, examining black ownership on the JSE during the first three decades of democracy, has provided valuable insights into economic transformation, ownership trends and inclusive participation in South Africa’s capital markets.
Released on Monday at the JSE, the report has found that there were “significant policy design failures that have contributed to the wide gap between actual ownership — as reported by companies in their annual reports — and what is on the BEE certificates”.
