BLACK OWNERSHIP
How workers can use their muscle to reform corporate South Africa
Fresh political momentum presents an opportunity to revisit old challenges with new energy. There is now focus from all groups to return the economy to high levels of growth. As we push to reignite the economy, it is important to balance the goal of growth with the need for economic justice and a more inclusive economy. One area of emphasis is the restructuring of ownership of the economy, especially in favour of workers. Yet it is easy to forget or deny that black worker ownership is well under way. Black workers own a sizeable chunk of the listed equity sector. Institutional investment (pension funds, insurance funds and investment schemes) now accounts for 52% to 58% of the JSE100, by far the largest category of local investment, and this overwhelmingly represents the interests of black workers. Workers’ pension funds have 83% black membership, while the biggest investor on the JSE, the Government Employees Pension Fund, owns nearly 40% of reported assets. These primarily represe...
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