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Property Sector Transformation Charter

Learn about the Property Sector's transformation process, challenges, and Charter framework. Explore the consultation process and scorecard elements for economic empowerment. Discover the way forward for achieving broad-based economic empowerment.

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Property Sector Transformation Charter

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  1. Property Sector Transformation Charter Portfolio Committee Presentation 14 September 2005

  2. INTRODUCTION • Recognising: • the transformation developments in other sectors; • the significance of the property sector in SA economy; • that the sector needs to transform; and • the challenges faced by the sector in achieving broad base economic empowerment; • In line with Government’s BEE Strategy, the Property Stakeholders initiated a transformation process which was launched by the Minister by end of 2004.

  3. Process • Steering Committee made up of all stakeholders (public and private sectors); • Exco: management of the process; • Technical teams: technical drafting; • Administration: day-to-day affairs.

  4. CONSULTATION PROCESS • Representative of the EXCO have been on road shows to present the draft charter, and hear concerns of stakeholders in the provinces. • The Property Sector Transformation Charter Indaba was held in Gauteng as part of a continued campaign to consult with stakeholders. • A steering committee meeting on regular basis to get agreement of the framework and scorecard.

  5. Framework document • Preamble • Challenges facing the property sector • Objectives of the Charter • Application and governance • Elements of the Framework • Regulatory issues • Gender transformation • The scorecard • Definitions

  6. Elements of the scorecard • Ownership: - Voting rights - Economic Interest • Control • Employment Equity • Skills Development: - skills spend - learnerships - mentorships

  7. Elements of scorecard (contd) • Procurement • Enterprise Development • Residual: - CSI - Development in under-developed areas - Gender transformation policy (Minister’s comments)

  8. Scorecard Ownership Control Employment Equity Skills Development Procurement Enterprise Development Residual

  9. Issues • Targets are valid for 5 years. • Review progress after 3 years • Consistent with sound business practice. • First reports to be produced year ending 31 December 2006. • Submission 31 March 2007

  10. Way Forward • Charter document submitted to Minister • Minister sent document back with comments for reconsideration by stakeholders • Submission to DTI • Cabinet approval • Gazeting as Code of Good Practice • Establish Charter Council

  11. THANK YOU

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