The Financial Sector Charter Council, which oversees transformation and black economic empowerment in the financial services sector, wants new targets set to encourage retirement funds to appoint black principal officers and service providers such as asset managers. The industry has a parlous transformation record with a new survey revealing on Tuesday that black firms manage just R415.5bn of the R4.6-trillion industry. The proposed amendments to the code and the scorecard include up to 20 points for the participation of black people on a retirement fund’s board of trustees and executive management, if applicable, and up to 80 points for preferential procurement of services from black service providers. On Tuesday, 24four Investment Managers unveiled the results of its survey into transformation. It shows that black asset managers manage just 9% of the funds available to private-sector asset managers and excludes restricted assets such as that of the Government Employees Pension Fun...

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.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.