Management control in the financial services sector remains largely unchanged, while black ownership has improved.
Mamkeli Jim, dealmaker for leveraged finance at RMB, says the focus should be on creating generational wealth. He was speaking at the Sanlam Transfomation Gauge presentation in partnership with the Sunday Times and Business Times at Arena Holdings in Parktown on Tuesday.Management control in the financial services sector remains largely unchanged, while black ownership has improved, according to the 2023 Sanlam Transformation Gauge.
When it comes to black ownership, skills development, enterprise and supplier development and socioeconomic development, unlisted financial services companies outperformed their listed peers. The Banking Association of South Africa executive Thabo Tlaba-Mokoena said in the report that banking and the mining sector are prone to scrutiny because of their contributions to the economy and the number of people in their employ, with more than 100,000 people working in banks.
Business Times reported in May that the department of employment & labour threatened to take South Africa's biggest banks — Standard, FNB and Absa — to court for failure to comply with employment equity laws.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Simon’s weekly wrap: Boring is the new black[WATCH] Tune in to the MoneywebNOW podcast with SimonPB every weekday at 6:30am for daily dose of business, finance and investment news. Click here to download podcasts from this week:
Read more »
Ukraine says Russia is threatening civilian vessels in Black Sea - SABC NewsThe Ukrainian president’s chief of staff said on Friday Russia was threatening civilian vessels in the Black Sea, and urged the international community to condemn what he said were “the methods of terrorists”.
Read more »
'Racism behind lack of diversity'More than half of the B-BBEE verification agencies that responded to the survey said racism was the reason corporate South Africa resisting appointing black people to management positions, while 23% flagged skills as a hurdle.
Read more »
Western Cape gears up for cold, wet weekend - SABC NewsThe Western Cape Disaster Management Centre is putting measures in place to deal with what is predicted to be a very cold weekend in the Western Cape.
Read more »
Stick upbeat on Siya’s returnAssistant coach Mzwandile Stick has given an injury update on Siya Kolisi, saying the World Cup-winning skipper is “surprising” Springbok management with his recovery.
Read more »