The B-BBEE Commission says an analysis of compliance reports shows the financial sector is regressing in ownership and management control
The council that is pushing for a transformedis considering imposing penalties on companies that don’t comply with codes governing broad-based BEE .
Ismail Momoniat attributed the lack of progress in the sector to the slow rate of economic growth and the adverse affect of state capture on mass-based transformation. He was speaking during a hearing by parliament’s finance committee on the transformation of the sector. The B-BBEE Commission’s Zodwa Ntuli said that an analysis of compliance reports submitted by JSE-listed companies indicated that the financial sector is regressing in ownership and management control.
Momoniat said the financial sector has to do more to transform and be transformative. “Some sub-sectors, such as asset management, need to do more than others as they have made little progress in transforming. To truly transform the financial sector in SA a significantly higher savings rate will have to be achieved. This can only happen when the economy grows in an inclusive manner and at a higher rate.
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