Transform SA office has been inundated by businesses expressing their shortcomings about the Department of Trade and Industry’s decision to review the score card criteria for Black Economic Empowerment (BEE) compliance.
But sanity has prevailed and the Department of Trade and Industry should be commended for applying its mind and responding to an outcry from many stakeholders in the economy. Now, the Minister of Trade and Industry, Rob Davies, has said that the government has shelved plans to change rules aimed at redressing economic inequality and empowering black business people, fearing a backlash from investors.
Investors were most likely to vote with their feet and move to destinations where they would feel that their capital would get more value.
The notice had said companies would get fewer black economic empowerment (BEE) points if their non-white shareholders are community trusts or employees rather than individuals or black-owned businesses.
The business community has hailed government’s U-turn. “This is encouraging at least…we are glad government has come to its senses,” said a Sandton based Chinese financier.
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