JSE-listed companies had only 38% representation by black people on their boards in 2017, with males accounting for 20% and females standing at 18%.
This is according to a report produced by the Broad-Based Black Economic Empowerment Commission
The study is part of the B-BBEE Commission’s mandate to determine SA’s present levels of economic transformation towards the achievement of the objectives of the B-BBEE Act.
The numbers include black foreign nationals, who, the commission points out, do not meet the definition of black people in terms of SA legislation.
The 2016 report indicated that black South Africans holding directorship on listed companies were only 30% and 15% of these were foreign nationals.
Deputy President Black Management Forum (BMF) Dumisani Mpafa says the number is exceptionally low, however it is not something that is new.
We have always known that we are not doing very well in terms of transformation. I mean even the EE report that was released earlier confirms that and we didn't expect much improvement.— Dumisani Mpafa, Deputy President BMF
He adds that the report is very concerning and they have been making a lot of noise lobbying government. And he thinks they need to move it onto another gear.
He says there are no stumbling blocks when it comes to transforming the economy.
We are having a situation where corporates including the public sector are just not willing to transform. Some people argue that they are resisting and we always hold a view that they don't even resist because we have not even begun to put pressure on corporates to transform.— Dumisani Mpafa, Deputy President BMF
Listen below to hear the whole interview...
This article first appeared on 702 : Black ownership drops in JSE listed companies - report