After nearly 11 months of negotiations, targets in the financial sector code have been agreed to between the government, black professionals, business and labour. But they still have a final hurdle to pass before Trade and Industry Minister Rob Davies signs the code into effect. MPs are due to vote on the report on Tuesday next week and Davies will consider their recommendations when gazetting the new code. Black business stands to benefit from a much higher base than calculated in draft revisions to the code, which was being updated from the current version gazetted in 2012 to bring it in line with amendments to the Broad-based Black Economic Empowerment Act.Parliament’s standing committee on finance found the empowerment financing targets in the draft revisions were too low and needed to be adjusted. This means more than R122bn in funding should be available to black business each year. The committee is expected to recommend that the code adjust the empowerment financing targets t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.