Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Industry ChartersForest Sector Charter8. Ownership8.1 Sector Targets |
The sector aims to attain a weighted black ownership profile of 30% for the industry as a whole within 10-years. The industry and government are committed to working together in pursuing this target, inter alia, as follows:
| (a) | The transfer of equity ownership and sale of business assets to achieve 25% ownership by black people in existing forest enterprises. A bonus point incentive to further increase this target to 30% has been set for medium and large forest enterprises. |
| (b) | The restructuring of state forest assets to support black ownership in the forestry sub sector and, through log supply, in the forest product sectors. |
| (c) | The entrance of significant numbers of new black owned enterprises into the sector through enterprise development support initiatives by industry and government. This includes opportunities for new afforestation on land already owned by black people as well as growth in black owned forestry value adding enterprises. |
The sector commits to attaining greater gender parity in ownership of forest enterprises and targets 10% ownership by black women in existing enterprises. For medium and large enterprises, a bonus point incentive has been included to further increase this target to 15%. Special attention will also be given by industry and government to enterprise development support for women in the Forest Sector.
The sector commits to ensuring that black ownership in the Forest Sector is truly broad-based. For medium and large enterprises, a higher target and weighting has been set for ownership by black employees, designated groups and participants in broad-based ownership schemes than those provided for in the national Codes of Good Practice on Ownership.