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South African Breweries (SAB) second Broad-based Black Economic Empowerment (B-BBEE) scheme Zenzele Kabili will be listed on the JSE on 28 May, after 95% of shareholders who cast their votes did so in favour of the listing.
Zenzele Kabili follows on the success of the beer maker’s first scheme, Zenzele, which was launched in 2010 and reached a maturation value of R9.7 billion this month.
The shareholders, made up of retailers who include tavern and bottle store owners, as well as the beer maker’s employees who invested R100 in 2010, will receive a R77 518 pre-tax payout when Zenzele unwinds later this month. The owner of the Carling Black Label and Brutal Fruit brands held an AGM for shareholders on Monday, during which they cast their votes.
Government is looking at the ‘next frontier’ of BEE in South Africa – what you should know
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At the start of the month, Trade, Industry and Competition minister Ebrahim Patel hosted a media briefing on worker empowerment in South Africa. The majority of the briefing focused on empowerment through ownership structures in companies operating across all sectors of the economy.
This, according to Heather Irvine, partner at legal firm Bowmans, is a key outcome for government and the next frontier of broad-based empowerment in the country.
Analysing Patel’s address, Irvine said that much of the focus was on South Africa’s needs to build back its economy ‘differently and better’, to achieve a greater level of economic inclusion and attain higher levels of growth.
07 May 2021 Companies are generally meeting BBBEE targets at junior management level but falling short in higher levels. Stock photo. Image: 123RF
Transformation is happening at a snail’s pace across all industries in SA, a new study has found.
The Sanlam Gauge report released yesterday highlights factors that hinder transformation in all sectors. The report, in partnership with Sunday Times Business Times, is also aimed at stimulating and enriching the debate on the future strategy for SA in its quest for an inclusive, equal-opportunity economy.
According to the report, there is a strong element of frustration among people closely involved with broad-based black economic empowerment (BBBEE).
Image: 123RF
Transformation is happening at a snail’s pace across all industries in SA, a new study has found.
The Sanlam Gauge report released yesterday highlights factors that hinder transformation in all sectors. The report, in partnership with Sowetan s sister publicaton Sunday Times Business Times, is also aimed at stimulating and enriching the debate on the future strategy for SA in its quest for an inclusive, equal-opportunity economy.
According to the report, there is a strong element of frustration among people closely involved with broad-based black economic empowerment (BBBEE).
“The Broad-Based Black Economic Empowerment (BBBEE) Act of 2003, which seeks to redress apartheid legacies and empower the nation’s black citizens through meaningful economic participation, is admired on paper but complicated to implement,” the report says.
Those surveyed called for the government to step in to assist the small business sector which has been badly affected by Covid-19.
There were also suggestions for a structural shift towards measuring the outcomes of transformation initiatives rather than the initiatives themselves.
The report noted that 27 years into democracy, a minority of the business sector is black-owned.
“Combined with frustrations that land reform has been slow, it’s understandable that this stirs emotions as the majority of the population struggle to build any sort of asset ownership.”
According to the report, even if ownership levels were much higher, the majority of the population still would not benefit.