If, at its core, empowerment is about getting the white business class to open membership of their golf clubs to their black contemporaries, then what we can take from reports such as this year's Business Times Rich List is that not too many can afford the tee-off fees. The list is another bleak reminder of just how difficult the experiment of deracialisation and creating an inclusive economy has been. Often when the issue of the lack of transformation is raised, critics are quick to bring up evidence of how much of the JSE black people own - through their pensions. I hear that, but it is passive investment. And while the Public Investment Corporation is often cast as a black player and the biggest on the JSE, it isn't a black organisation. It's a state-owned enterprise. It may champion BEE now, but a DA- or EFF-led government could drop that focus. In a world so easily swayed by populist rhetoric, the emotive issue of transformation will bear great fruit in seasons to come and in q...
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