This year marks 30 years since the dawn of democracy in SA and it's been more than 20 years since BBBEE targets were introduced. Yet the country's rate of transformation remains slow, according to the findings of the latest Sanlam Transformation Gauge report.
Now in its third edition, this annual sector-focused research report scrutinises the progress of transformation; the research is based on the BBBEE scores of 14,542 companies across 10 sectors of the BBBEE classifications system.
Overall, the 2023 Sanlam Transformation Gauge report revealed total recognition scores improved to just above the level 3 threshold, with a slight increase in black ownership from 75% of target in 2022 to nearly 81%.
This does not mean that almost 81% of the economy is in black hands — far from it. The target itself is 25% voting rights in a company for black people. This means that companies have gained an average of 20.26 points (including bonus points) out of 25.05 available.
So, is meeting nearly 81% of a 25% target an impressive achievement after 30 years of democracy?
This is the topic for discussion in the second episode of the Sanlam Transformation Gauge podcast series, hosted by Andile Khumalo and featuring Ray-ann Sedres, Sanlam's chief transformation officer, and Hale Matsipa, CEO of Kleoss Capital.
Listen to the podcast now:
