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The public policy debate on BEE and black entrepreneurship in postapartheid SA has been reduced to three main approaches. First, an emphasis on what Ponte and others describe as the “managerialisation” of BEE — “the treatment of BEE as a separate technical entity to be managed according to the principles of corporate social responsibility and auditing”. This paradigm mainly focuses on the Broad-Based BEE Act, codes of good practice and regulatory compliance.

The second approach examines share transfers, ownership demographics, governance and dividend accumulation in large-scale B-BBEE transactions completed since 1994 (especially between 2000 and 2010). This literature explores the experiences and market activity of BEE pioneer companies, which are popularly referred to as the “Fab Four”: Mvelaphanda, Shanduka, Safika Holdings and African Rainbow...

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