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PRIVATE SECTOR VIEW ON BEE

PRIVATE SECTOR VIEW ON BEE. ABEL SITHOLE EXECUTIVE DIRECTOR: METROPOLITAN 19 May 2003. The investments market. JSE Equities Market Cap – R1300 billion JSE Bond Market Cap – R 356 billion TOTAL OVER R1600 BILLION. Sources: I-Net Bridge,Alexander Forbes & UP Unit Trusts Survey

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PRIVATE SECTOR VIEW ON BEE

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  1. PRIVATE SECTOR VIEW ON BEE ABEL SITHOLE EXECUTIVE DIRECTOR: METROPOLITAN 19 May 2003

  2. The investments market • JSE Equities Market Cap – R1300 billion • JSE Bond Market Cap – R 356 billion • TOTAL OVER R1600 BILLION Sources: I-Net Bridge,Alexander Forbes & UP Unit Trusts Survey ALSI: 16/05/03, ALBI 31/03/03; RF- Dec 02; UT – 31/03/03; TI – 31/03/03

  3. The investments market • Retirement Funds – R1 100 billion • Unit Trusts – R 172 billion • Targeted Investments – R 9 billion • TOTAL OVER R1280 BILLION Sources: I-Net Bridge,Alexander Forbes & UP Unit Trusts Survey ALSI: 16/05/03, ALBI 31/03/03; RF- Dec 02; UT – 31/03/03; TI – 31/03/03

  4. IS THERE STILL A NEED FOR BEE? Source: Empowerdex Empowerment Watch Survey of JSE listed companies 2002

  5. Main occupational groups Source: Census ‘96

  6. Focus on employment equityand skills develpment Source: Census ‘96

  7. Is there still a need for bee? • Yes • No commitment to change • Progress made minimal

  8. The definitions • Black companies • Companies 50.1% owned • Black empowered companies • Companies 25% - 50% owned • Black influenced companies • Companies 5% - 25% owned

  9. Financial services companieslisted on the jse 2002 Source: Empowerdex empowerdex watch Broad based economic empowerment survey of JSE listed companies 2002

  10. Measures of empowerment • Empowerdex • Pillars • Ownership • Management and Control • Employment Equity • Skills Development • Preferential Procurement • Enterprise Development • Corporate Social Investment Source: Empowerdex empowerdex watch Broad based economic empowerment survey of JSE listed companies 2002

  11. Measures of empowerment • Empowerment Barometer • Pillars • Employment Equity • Procurement • Corporate Social Involvement • Skills Development • Control (shareholding and directors) • Empowerment Culture Owned by Metropolitan

  12. Progress made

  13. Common trends • Pioneering Deals • Few black shareholders • Cons: ‘empowerment at holding levels did not filter through’ • Middle children • Union shareholders, through union investment companies • Cons: ‘complicated funding structures led to loss of investments’

  14. Common trends • Today • Few black shareholders • Are we repeating past mistakes? • If yes, why? • If not, how are we different?

  15. Scorecard • Common Pillars • Ownership • Management and Control • Employment Equity • Skills Development • (Preferential) Procurement • Corporate Social Investment ? ?

  16. Who’s responsibility? • Private Sector • Government • All other stakeholders • Retirement fund trustees • Society

  17. Way forward…

  18. Financial sector bee charter • Background • Low levels of black participation in sector • Ownership • Control • Skills • Management • Sector dominance by large institutions • Inadequate response by sector to demand for financial services

  19. Who’s responsibility?

  20. Together we can

  21. THANK YOU

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