Sanlam’s Transformation Gauge report found transformation is not as advanced as BEE scorecards suggest.
- Verification agencies raised concerns about the quality and genuine nature of companies’ BEE programmes.
- Some sectors showed regressions in black ownership, management control and enterprise development.
- Socioeconomic development scores are consistently higher due to corporate SA exceeding targets.
- Sanlam chair Elias Masilela said attitudes have not changed and companies are ticking boxes.
- Management control scores have remained flat for three years in the financial and manufacturing sectors.
- The listed property sector performed the worst with black management control at 26% of the BEE target.
- Corruption, racism and the psyche of decision-makers were blamed for sluggish transformation progress.