ANDILE KHUMALO: The tragedy is that we're standing still on broad-based BEE
The numbers for listed firms are exactly the same as a year ago
A few weeks ago, the Broad-Based BEE Commission released its second report on the status of BBBEE, and there were some notable trends worth reflecting on. The commission monitors compliance with the BBBEE Act. Since its inception in 2016, it has worked through a number of BEE fronting cases and showed its muscle in dealing with this scourge. In recent times it has clamped down on what appears to be sophisticated forms of fronting, such as trusts with beneficiaries that never exercise any voting rights and get the crumbs in economic interest.
The trends report showcases the monitoring part of the commission's mandate. Thanks to a bout of insomnia last week, I got a chance to read this year's report.