Commitments in financial sector’s draft BEE code ‘too low’
National Economic Fund says the 10% target for direct ownership in the code compares unfavourably with the minimum 25% target in generic BEE codes
22 March 2017 - 12:41
The financial commitments made by the financial services sector in its draft code for black economic empowerment (BEE) were too low and needed to be increased significantly, National Economic Fund CEO Philisiwe Mthethwa said in Parliament on Wednesday. Both Mthethwa and Broad-Based Black Economic Empowerment Commission commissioner Zodwa Ntuli pointed out deficiencies in the draft financial sector code, particularly with regard to ownership. They made presentations during public hearings by Parliament’s finance and trade and industry committees on the transformation of the financial services sector.
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