Industry Charters > Financial Sector Charter

16.1

The scorecard set out in Annexure A forms an integral part of the financial sector charter and provides an objective and broad-based set of measurement indicators for purposes of measuring BEE progress in and between financial institutions, in different sub sectors and in the financial sector as a whole. It will be used by:

•	each financial institution as a basis for self-assessment of its BEE endeavours;

•	the Charter Council as a means of evaluating BEE progress in the sector;

•	Government in the adjudication of contracts awarded to financial institutions; and

•	the private sector in the awarding of contracts to financial institutions.

16.2

Financial institutions, which are exempted from any paragraph in the charter in terms of paragraph 4 will not be required to complete the specific section in the scorecard, subject to paragraph 4. Under such circumstances, the points allocated to the paragraph from which the financial institution is exempted will be cancelled, and it will score out of the remaining points and calculate its score as a percentage of that reduced remainder.

SIGNED:

Association of Black Securities

and Investment Professionals

(As mandated by the Black Business Council

Association of Collective Investments

Banking Council of South Africa

Bond Exchange of South Africa

Foreign Banker Association of SA

Investment Managers Association of SA

Institute of Retirement Funds

JSE Securities Exchange South Africa

Life Offices' Association of South Africa

South African Reinsurance Offices' Association

South African Insurers Association

Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Financial Sector Charter on Black Economic Empowerment

16. The scorecard