B M F

BLACK MANAGEMENT FORUM

DEVELOPING MANAGERIAL LEADERSHIP

BMF House, 12 Summer Street, Rivonia

P O Box 781220 SANDTON 2146 SOUTH AFRICA Tel: (010) 591 6718 Fax: (011) 784 4644

Website:

FOR IMMEDIATE RELEASEPRESS RELEASE

It is regrettable to note that the 475 surveyed JSE-listed companies have again demonstrated to the country that the doors for unlocking transformation in these companies have been permanently sealed. It is very sad that such a short-term mindset is still prevalent amongst these companies. Dr Terence Nombembe, CEO of SAICA observes that “75% of directorships are still held by whites at present, and 87 percent by males – so obviously a lot of work still has to be done on transformation” Not knowing exactly what SAICA has in mind in terms fixing this problem, it is imperative to reiterate the word of the former president, Thabo Mbeki whosaid, that “if we do not think for ourselves, we put ourselves in the hands of others. It is up to us to develop our own new world.” Therefore, the onus is on the Chairperson of the JSE, a transformational leader, Nonkululeko-Nyembezi Heita to bite the bullet and deal with transformation agenda head on.

Although the survey seems to give Dr Nombembe some bit of hope when he says that “he believes the indications are encouraging, and believes that with the continued support of business and government, initiatives like the Thuthuka Bursary Fund (TBF) can successfully transform the CA (SA) profession and the JSE”.

The BMF welcome these findings, however, these outcomes reconfirm our firm believe that transformation is far from being achieved. The only radical way is:

  1. A Review of the effectiveness of voluntary targets versus set outcomes.
  2. Employment Equity Act to carry set outcomes for 2020, 2030 and 2050.
  3. A ‘graduation principle’ on certain designated groups, e.g. White Women.
  4. Review ‘Once Empowered, Always Empowered’ principle on the Financial Services Charter.

We thank SAICA for the survey it conducted on the sampled JSE listed companies. We further urge the JSE to consider SAICA proposals of

a)embedding BBBEE into their corporate strategies;

b)BBBEE reporting be mandatory element of the Sustainability Report;

c) Adopting reporting practices that are consistent and comparable.

d)Introducing governance committees to manage and report on B-BBEE within the broader context of business sustainability and ethics.

ENDS

For more information contact:Themba Dlamini

Tel:+27-11-784-4407

Telefax: +27-11-234-8670

Mobile: +27-82-576-1395