Old Lionel has announced that cabinet has approved them. The question is, can we trust him? He's said many things in the last few months that have either not materialised or have been contradicted by Polo. I am inclined to believe him this time, after all he addressed the media late on Wednesday afternoon telling them about it.
I'm not going to get into what the press has said about thresholds and the like, there is plethora of web sites talking about it anyway. We were provided with a comprehensive overview of the codes yesterday and they make for interesting reading. This overview is somebody else's summary and they might have missed out on issues that are more interesting to us. I can say that the multinational codes are a lot more comprehensive than last year and they do set targets that are measurable and quanitfiable. It also appears as though Trevor is going to have to do something about exchange control if all the equity equivalent options are to be made available. Perhaps we'll see a run of inwarding listings.
The final word is left to Lionel, a very telling remark indeed.
“What was clearly emphasised in the Cabinet discussion was that we needed to make more effective use of government procurement and licencing processes to further black economic-empowerment,” October said, adding that work was under way to align other legislation with the BEE ambitions.
Comments