BMF growls over "useless" Financial Sector Charter

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town - The Financial Sector Charter that stipulates good practice and black economic empowerment requirements for the industry “are useless” and must be amended to meet or exceed the minimum requirements set by the BBBEE generic codes, said the Black Management Forum (BMF) on Wednesday.

The BMF was one of a number of stakeholders making submissions to Parliament during public hearings on transformation in the financial services sector.

BMF deputy president Dumisani Mpafa made a number of recommendations to Parliament, suggesting it should work closer with the Department of Trade and Industry to outlaw the once empowered, always empowered principle be explicitly outlawed in the amended Broad-based Black Economic Empowerment Act.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
USD/ZAR
14.03
-0.2%
GBP/ZAR
19.84
+0.8%
EUR/ZAR
17.05
-0.3%
AUD/ZAR
11.01
-0.4%
JPY/ZAR
0.13
-0.3%
Gold
1,837.42
+0.3%
Silver
27.34
-0.4%
Palladium
2,959.00
+1.0%
Platinum
1,253.50
-0.2%
Brent Crude
68.28
+0.3%
Top 40
62,389
-0.3%
All Share
68,377
-0.2%
Resource 10
72,112
+0.9%
Industrial 25
85,665
-1.4%
Financial 15
12,740
+0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 1403 votes
No, I did not.
52% - 3510 votes
My landlord refused
27% - 1858 votes
Vote