Management control in the financial services sector remains largely unchanged, while black ownership has improved, according to the 2023 Sanlam Transformation Gauge. 

The report, which studied the B-BBEE scorecards of 1,076 companies in the financial services sector, including banks, insurance companies and asset managers, found management control had remained flat at 61% in 2023, marking little progress since the study was launched in 2021. Ownership increased to 91%, from 81% in 2022 and 88% in 2021. ..

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