Not long ago, black economic empowerment (BEE) was best summed up by the following narrative: black investors bought minority stakes in white-controlled companies, and were then roped into the boards of acquired businesses.
Often, stakes were acquired through debt to be paid back from dividends.
But this simplistic narrative has evolved. Black investors are no longer content with being economic spectators collecting dividends. They want to break new ground, kick doors wide open or, even better, "rock the boat".