Taken from "National Treasury Policy Document. A safer financial sector to serve South Africa better (23 February 2011)". Page 64 to be specific.
The FSC allows for a comprehensive mid-term review of its target to take into account achievements by the financial sector against the targets and to adjust the targets in line with existing challenges. The Financial Sector Charter Council, constituted to oversee implementation of the Charter between 2004 and 2014, is redrafting the Charter as the Financial Sector Code in terms of the Broad-based Black Economic Empowerment (B-BBEE) Act 53 of 2003. The draft code aims at aligning the FSC with the B-BBEE Act Codes of Good Practice, which were gazetted in 2007, well after the launch of the FSC. After making significant progress from inception until 2007, the Charter process broke down over negotiations to amend it to meet the new B-BBEE requirements. This delay slowed the process of transformation, but now, after three years, the dispute over equity ownership appears to have been resolved. Phase one of the draft code, which represents an agreement mainly on the ownership element, was gazetted for comment end 2010. It is envisaged that phase two of the code...............will be gazetted for comment mid-2011.
Comments