Satisfaction by European investors in SA has deteriorated significantly since 2012. The volatility of the rand, government corruption and the cost of compliance with black economic empowerment (BEE) legislation were high on their list of concern. This was the finding of the 2016 business climate survey conducted among 211 Europe-owned firms by the EU Chamber of Commerce and Industry of Southern Africa. Policy changes, uncertainty and red tape around work permits were also cited as concerns, while perceptions about SA’s transformation agenda were mostly negative. "Investor confidence in SA is further undermined by inadequately functioning government institutions," the chamber’s regional director, Stefan Sakoschek, said at a media briefing on the survey’s results on Monday.