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

Industry Charters

Financial Services  Charter

Code Series FS100: Measurement of the Ownership Element of Broad-Based Black Economic Empowerment

Interpretation Note on Code FS100, Statement 100

1. The Ownership Scorecard
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Ownership

Points

Targets
2.1Voting Rights of Black People

3

25% + 1 Vote
2.2Voting Rights of Black Women

1

10% + 1 Vote
2.3Economic Interest of Black People

3

25% + 1 Share
2.4Economic Interest of Black Women

1

10% + 1 share
2.5Economic Interest of Black Designated Groups, Black Participants in Employee Share Ownership Schemes, Black Participants in Broad Based Ownership Schemes and / or black Participants in Co-ops

1

2.5%

Ownership Fulfilment
2.6Net Equity Value (Formula A and B as per para. 4 of Annexe 100(C)

3

 
2.7Direct or Indirect Ownership in Excess of 15%

2

10%

Total

14

 

Bonus Points
2.8Ownership by Black New Entrants

2

10%
2.9Ownership by ESOPs and Co-ops

1

10%

Total Including Bonus Points

17