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Monday, 27 November 2017 10:49

Innovative Participation Required as We Enter the Industrial Phase of BEE Featured

Written by Ryan Swano
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Sandile Zungu addressing the GIBS Forum Sandile Zungu addressing the GIBS Forum Youtube

Addressing a Gordon Institute of Business Science forum on innovation and broad-based black economic empowerment, Executive chairperson of Zungu Investments and member of the president’s black economic empowerment advisory council, Sandile Zungu said the introduction of the final regulations to the Broad-Based Black Economic Empowerment (B-BBEE) Act in June 2016 signalled a shift in Black Economic Empowerment.


This is to encourage the creation of black entrepreneurs, as well as ownership and active participation.

Zungu explained that Black Economic Empowerment had now entered into what he termed the Industrial Phase.

WATCH Sandile Zungu's address to the Gordon Institute of Business Science Forum

 

“In the early phase, many people got very wealthy. Now the move is towards creating black industrialist to ensure black people control and are involved in the companies they invest in. It is about developing a respect for profit and loss and deepening their skills and knowledge. We must allow for a multi-pronged strategy for change in this country.”

He said the current task of the BEE advisory council was to make sure industrialists “find deep roots”. While there is room for trusts, there is “even greater room for those who want to roll up their sleeves and get involved and not just have a passing shareholding in a business”.


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