Black ownership at 23%

2010-03-19 10:45

BLACK ownership of companies listed on the Johannesburg Stock

Exchange has increased to 23.8%, trade union Solidarity said yesterday.

This figure included the number of black people who owned financial

products like insurance policies, investments, pension funds, loans and

annuities, said Johan Kruger, head of Solidarity’s research institute.

He was speaking at the release of the union’s South African

Transformation Monitor in Pretoria. Kruger said the 23.8% figure was expected to

double in the next two years.

This “remarkable” increase of ownership of listed companies and

products by black people showed the implementation and creation of Black

Economic Empowerment (BEE) had already created significant benefits.

“Black ownership was at 23.8% in 2008, compared to 5% in 1993. This

is expected to increase to as much as 24% in 2012.”

Referring to BEE, Kruger said the past had already taught South

Africa an important lesson about the “unfair advancement of certain citizens”.

“The unfair advancement of citizens and the unfair limitation of the rights of

others, without any reasonable and acceptable justification is a recipe for

conflict.”

Data used for the research was acquired from financial institution

Cazenova, the South African Reserve Bank and Who Owns Who South Africa, among

others.

Kruger said they decided to conduct the research because of certain

groups who believed the wellbeing of black people had not really improved.



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