What a labour of love. I was sent this document by Mzwandile Jacks this afternoon for comment. What can you say to this - it's a JSE commissioned report and it comes up with an effective 18% black ownership of the JSE (this is vs the 24% that Solidarity came up with).
The JSE got Trevor Chandler and Associates to do this. Whilst I have not heard of Trevor, I completely agree with the methodology used. Most importantly, and Russel Loubser is at pains to point this out,
The percentages evidenced through the study include only persons who are, with current data, able to be established to be black and exclude black economic interests in mandated investments. It is therefore likely that further analysis will indicate more extensive black shareholding of companies listed on the JSE.
We also don’t have accurate figures on retail investors as race segmentation is not a requirement when opening a brokerage account.
Those two points are valid
- They had to prove that the people owning the shares were black
- They did not use retail investor information
The latter point is very significant, I recently conducted a study for a listed company and went through the shareholders' register looking for Dlaminis, Septembers and Naidoos who were shareholders. There was one trust that had a Zulu name that was for the benefit of a director's family (decidedly white). You cannot determine ownership based on this - you would end up excluding such luminaries as Dipuo Peters and Ngconde Balfour.
Now it is a simple matter of time before the ANC-aligned BMF accuses the JSE of extreme colonialism, racism and other unfounded bollocks whilst denying the veracity of these figures.
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