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Parliament, 16 Wednesday, 2022 – The Standing Committee on Finance is concerned about the Financial Sector Council’s non-compliance with section 10(4) of the Broad-Based Black Economic Empowerment (B-BBEE) Act, which requires the council to report about transformation in the financial sector on an annual basis to the Minister of Trade, Industry and Competition. The council last submitted its annual report to the Minister in 2019.
 
The purpose of the meeting was for the committee to be briefed by the B-BBEE Commission on the state of B-BBEE in the financial sector.
 
The Chairperson of the committee, Mr Joe Maswanganyi, said: “It is concerning that 28 years later, since the dawn of democracy, the economy is still controlled along racial lines in favour of white people who constitute only 7.8% to the exclusion of 90% blacks.”
 
Mr Maswanganyi said that although lack of progress on transformation cuts across many sectors of the economy, the most affected people are black women, youth and people living with disability.
 
The committee will convene a follow-up meeting with the B-BBEE Commission, National Treasury and Nedlac to discuss the issue of financial sector transformation.

Issued by The Chairperson of the Finance Committee, Joe Maswanganyi