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BEE consultant lashes out at JSE survey

Dec 06 2012 18:44
Mzwandile Jacks
Johannesburg - A BEE consultant has lashed out at the JSE’s survey which shows that 21% of the Top 100 Companies were held by black South Africans.

Roger Latchman, the CEO of PKF BEE Solutions, said this was a “shocking, lean and low number.”

On Thursday, the JSE said black South Africans (Africans, Coloured and Indians) held at least 21% of the Top 100 Companies listed on the Johannesburg Stock Exchange.

The JSE said the 21% included 8.9% held directly, mostly through empowerment stakes.

“Do they want to tell me that only 9% of blacks are having a direct shareholding on the JSE? This number is shockingly low considering that blacks are a majority in the population,” Latchman said, calling for this number to be interrogated further.

The JSE added that 11.6% held the shareholding through mandated investments, such as pension funds and unit trusts. 

“This 12% is shockingly low and it shows that black people still do not have control of our economy", Latchman said.

He said this figure was so low that it was even nowhere near meeting the department of trade and industry target of 25% direct ownership.

The research was done in phases on behalf of the JSE. It aims to demonstrate what black South Africans own in the country’s largest listed corporations.  

Nicky Newton-King, CEO of the JSE said this year’s study found a similar participation level among black and white South African investors – 21% and 22% of the Top 100 by value respectively. 

“We also think one can assume that the black economic interest will continue climb in future and that this research provides a base for future measurement,” she said. 

There has been much debate about black ownership on the JSE. The purpose of the study was to present the facts in an impartial manner, the JSE claimed on Thursday. 

Last year’s assessment revealed that black South Africans held 8% of the Top 100 companies through direct investment.

 - Fin24

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jse  |  nicky newton-king  |  empowerment  |  bee


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