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Report of the Chairman...cont
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| Assessing Achievements
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Facilitating empowerment through opening up channels for Black participation in the capital markets has been an important and valuable process. The historical exclusion of the Black majority from the investment market was a vital first hurdle to overcome, and will continue to remain an important focus for the NEF.
The fact remains, however, that real economic decision-making power in South Africa is still vested in the hands of a limited few, and is exercised mainly at board level. Just as significant, the gap between rich and poor in this country is one of the highest in the world, and BB-BEE has, to date, not fundamentally altered this position.
It is therefore time for us to re-look at the spirit and not just the letter of BB-BEE, and to re-focus our agenda and our efforts.
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Mr. Ronnie Nthuli
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