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.
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.
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.
Exaggerated figures are a factor of the current BBBEE rules... and mixed with a number of other accounting adjustments that turn white money black, renders the black ownership values we see in BBBEE certificates misleading, Philisiwe Mthethwa wrote in a recent Business Opinion piece on IOL.
Black ownership must be distilled to reach 25%
by Philisiwe Mthethwa
The launch of the Black Industrialist Policy promises to accelerate South Africa’s economic transformation but the empowerment project might still be significantly held back if the equity leakage that comes with the rules of calculating black ownership, in particular accounting for mandated investments, is not reviewed.