The Broad-Based Black Economic Empowerment (B-BBEE) Commission has raised issues related to Sasol’s new Khanyisa empowerment scheme, Sasol company secretary Vuyo Kahla said on Friday.
The commission raised questions about the structure of Sasol Khanyisa’s employee share ownership programme as well as whether the Sasol Foundation was an appropriate vehicle for getting ownership credits, he added.
African Infrastructure Investment Managers (AIIM), a subsidiary of Old Mutual, has been accused of racism, intolerance and prejudice towards its female employees of colour.
Four women, who asked to remain anonymous for fear of further victimisation, wrote to Old Mutual two weeks ago to voice their concerns about about what they termed “bullying” and which they say the company had not responded to until on Thursday evening after the Cape Times sent Old Mutual questions.
Businessman Sandile Zungu has warned that big corporates are using community trusts as a sophisticated new way of fronting in BEE deals.
Zungu serves on the president’s Advisory Council on broad-based BEE (BBBEE), as well as on the Brics Forum, incorporating the five emerging economies of Brazil, Russia, India, China and South Africa.
Speaking at an event hosted by the Gordon Institute of Business Science in Johannesburg this week, Zungu said companies were making use of lawyers and accountants to conceal the actual beneficiaries in transactions that include community trusts.
Qoheleth, in the 12th verse of the fourth chapter of Ecclesiastes, a wisdom literature book in the Holy Writ, reminds us: “Though one may be overpowered, two can defend themselves. A cord of three strands is not easily broken.”
I thought of this archaic sacred text as I began to crystallise the reasons for Johann Rupert’s arrogance.
The South African political plateau confirms a shifting reality, yet the role of capital shows no real shaking - it defies all tremors. To fully appreciate the articulation of Rupert we must first appreciate the actual control apartheid and colonial beneficiaries have on the economy. The signpost of that constituency is none but Rupert, the face of apartheid accumulated wealth and the embodiment of a successful racist regime.
The Broad-Based Black Economic Empowerment (B-BBEE) commission plans to issue about 50 preliminary and final findings against companies for contraventions of the B-BBEE act, according to commissioner Zodwa Ntuli.
"White South Africans love to bash affirmative action. With a lot of the bashing being based on false information, we thought we would take a closer look" writes Nic Andersen in The South African.
Affirmative action, BEE, BBBEE, or maybe even white privilege. For many white South Africans, these are terms that irritate them or they’re “sick of” hearing about. If you’re one of those people, then you probably think affirmative action is “unfair”.
Before we dive into this, let’s look at why the Department of Labour says affirmative action is necessary.
Recently an academic article, asserting the historical benefits of colonialism, created an outcry and a petition with over 10, 000 signatures calling for its removal.
The Case for Colonialism, published in Third World Quarterly by Bruce Gilley, argues Western colonialism was both “objectively beneficial and subjectively legitimate” in most places where it existed.
Gilley, an associate professor of political science at Portland State University, claims the solution to poverty and economic underdevelopment in parts of the Global South is to reclaim “colonial modes of governance; by recolonizing some areas; and by creating new Western colonies from scratch.”
By nature and convention, businesses struggle to be altruistic. The profit motive is built into legislation all around the world. Profit is hard-won and ‘giving it away’ is counter-intuitive.
It takes a fresh way of looking at things to enable business to automatically serve a social need while doing business as usual.
Recent revelations by the Statistician-General Pali Lehohla on poverty and economic growth trends clearly show that indeed there is still validity in calling for total economic transformation in South Africa.
Lehohla’s assertion that more than 30 million South Africans live in poverty should make us stand up and do more to address the poverty and social inequality time bomb in our midst.
Mthobisi Masinga, a young forward-thinking town and regional planner from Pretoria, has been invited to present his innovative research on rural land development to a high-level international city planning congress in the US. He is currently seeking sponsorship to represent South Africa at the event.
"There are a lot of grants available when you are dealing with government – from the dti, and from other development agencies – but the information is not available to the SMMEs at their fingertips." Julius Mojapelo
Moneyweb's Nastassia Arendse interviewed Julius Mojapelo, who is a senior executive at Saica’s public sector division.
The practice by BBBEE ratings agents and practitioners clearly discriminates against African and Coloured mothers
While it is well established that one of the purposes of broad-based black economic empowerment (BBBEE) is to address historical imbalances or patterns of past discrimination in SA, the fact that it is based on a flawed race-based categorisation from the apartheid era means there will always be challenges in applying it.
Black participation in the Johannesburg Stock Exchange continues to be the topic of heated debate in South Africa. This guide explains the different estimates and the methodologies used to arrive at them.
When the president’s estimates of the share of the Johannesburg Stock Exchange (JSE) owned by black people jumped from 3% to 10%, a South African commentator took notice.
Black entrepreneurs need to start owning real assets and manufacturing companies and not just shares in enterprises they did not establish.