Multinational companies will not have an automatic exemption from ownership elements of the broad-based black economic empowerment scorecard under a revised draft of the Financial Sector Charter, which is under discussion by the Financial Sector Charter Council (FSCC) and the Department of Trade and Industry. FSCC chief operating officer Busisiwe Dlamini said on the sidelines of an Association of Black Securities and Investment Professionals summit on Thursday that in terms of the proposals multinationals would have to apply to Trade and Industry Minister Rob Davies, who would have the discretion to grant exemptions and decide whether the companies met the qualifying criteria to substitute the ownership element of the scorecard with equity equivalents. Dlamini said this was a new element of the draft charter which was introduced through engagements with the department after the draft was released for public comment. This was confirmed by Association for Savings and Investment SA rep...

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