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Busa laments lack of transformation

Sep 20 2011 17:48 Sapa

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Johannesburg - There continues to be a low representation of black people and women in business executive positions, a Business Unity SA (Busa) study has found.

"While Busa notes the overall improvement in transformation across all companies listed on the JSE, the current pace of transformation is inadequate," it said on Tuesday.

The study of the top 40 Johannesburg Stock Exchange listed companies found black people accounted for 25.3% of staff. This was below the 2017 target of 50% set out in the Black Economic Empowerment Codes.

Of the 25.3%, 9.5% were executive directors. Black non-executive directors stood at 27.6%.

The percentage of black, independent non-executive directors was 38.1%, compared with a target of 40%.

Black chairpersons accounted for 22%; black CEOs for 6.9%; and black chief financial officers (CFOs) for 7.9%. The target is 50%.

The percentage of black woman directors was 10.2; black women CEOs 1.2% and black chairwomen 3.9%.

White men, however, accounted for most senior positions across all companies on the JSE.

White men occupied 52% of all board positions, 72% of executive directors, 51% of chairmen, 76% of CEOs and 76%of CFOs.

"An analysis of the findings showed that JSE companies have disappointingly taken the path of least resistance, appointing black people to non-executive, rather than executive positions."

Busa said the study also found the lack of representation was not due to a shortage of qualified black professionals.

"With only six years left before the targets must be met, time is running out for companies to take proactive steps to shape their representation for the future." 

busa  |  bee  |  affirmative action  |  transformation
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