ECONOMIC EMPOWERMENT
INTRODUCTION
South Africa and Australia share similarities regarding their Indigenous population’s contribution to the Gross Domestic Product. I firstly need to qualify that the percentage of the Indigenous/Black population as a total of whole population of South Africa amounts to approximately 76% whilst the percentage in Australia amounts to approximately 3%. Black economic empowerment for both Blacks and Aboriginals for South Africa and Australia respectively was enacted by the Broad-Based Black Empowerment Act of 2004 (South Africa) and the 1967 Referendum (Australia). In the body of the article I reflect on Developing an Implementation Framework Proposal for Broad-Based Black Economic Empowerment in South Africa which I believe could be utilised in the Australian context to enhance a measured and sustained GDP growth rate.
INDIGENOUS BUSINESS CONTRIBUTION TO THE AUSTRALIAN ECONOMY
There are many Indigenous businesses across Australia that have overcome the systemic challenges associated with the legacy of colonisation to thrive in the current economic environment. In fact, despite being subjected to discriminatory policies designed to exclude Indigenous people from economic participation (e.g. the ‘stolen wages’ i.e. wages taken from and managed on their behalf), the Indigenous business sector has experienced significant growth in recent years. However, no research has been undertaken to quantify its impact in Australia. PwC want to address this gap, but also to point the way forward for the further development of the Indigenous business sector.
The aims of this project were:
To estimate the contribution (in GDP terms) of the Indigenous business sector to the Australian economy. PwC estimate recognises not only the profit generated for the Indigenous owner, but the value of the business as an employer, as it includes the ‘value add’ of all employees (both Indigenous and non-Indigenous) to outline some key next steps for the further development of Indigenous businesses in Australia.
PwC’s Indigenous Consulting (PIC) and PricewaterhouseCoopers Australia (PwC) are deeply committed to the growth and development of the Indigenous business sector, and have undertaken this project on a pro bono basis as part of PwC’s Reconciliation Action Plan
The economic contribution of the three Indigenous business categories (self-employed individuals, enterprises and trusts). Together, these Indigenous businesses added between $2.2 billion and $6.6 billion to the Australian economy in 2016. This represents 0.1 per cent to 0.4 per cent of the nation’s gross domestic product (GDP).
DBL RESEARCH PROPOSAL
TITLE: DEVELOPING AN IMPLEMENTATION FRAMEWORK FOR BROAD-BASED BLACK ECONOMIC EMPOWERMENT IN THE ELECTRONICS INDUSTRY IN SOUTH AFRICA
STUDENT NUMBER: 04199421
INDEX
CHAPTER 1 RESEARCH PROPOSAL
1.1 Title
1.2 Introduction
1.3 Problem Statement
1.4 Research Objective
1.5 The Rationale of the Study
1.6 Importance/Benefit of the Study
1.7 Delimitations of the Study
CHAPTER 2 LITERATURE REVIEW
2.1 Associated/Related Empirical Studies
2.2 Definitions of Variables used
2.3 Hypotheses
CHAPTER 3 RESEARCH METHODOLOGY
3.1 The Population for the Study
3.2 Sampling Techniques to be used in selecting the Respondents
3.3 Instruments to be used in collecting the Data
CHAPTER 4 DATA ANALYSIS
4.1 Statistical Tools and Model to be used in analysing the Data
CHAPTER 5 RECOMMENDATIONS
REFERENCES
1 RESEARCH PROPOSAL
1.1 Title
Developing an Implementation Framework for Broad-Based Black Economic Empowerment in the Electronics Industry in South Africa.
1.2 Introduction
The study will collect data from South African businesses to determine the long term effects on profitability, productivity, staff sourcing, procurement etc. following on from the introduction by government with law enactments such as the Broad-Based Black Economic Empowerment Act of 2004, Growth Employment and Redistribution (GEAR) Policy introduced by the Department of Finance in June 1996 and the revised Black Economic Empowerment Codes of Good Practice partially gazetted in 2013.
The perceived slow pace of transformation eleven years after the event of Black Economic Empowerment and the negative/positive effect on businesses and ultimately on the Real Economic Growth will be impacted by the said
Government’s enforced Acts and Policies.
Hence it is the author’s intention in this study, to investigate by collecting empirical data; the progress made to Black Economic Empowerment and the addressing of an inequality in the workplace with regards to the distribution of wealth throughout the various sectors of the population.
1.3 Problem Statement
Ethical issues to be considered regarding the feasibility of Black Economic Empowerment and the subsequent effect on the Real Economic Growth and businesses at large are reflected as follows:
According to Cargill (2005, 22) black capital for share equity is lacking and the same has a negative effect on BEE. Black businesspeople have to borrow capital at a premium which may leave them exposed in the event of an economic downturn.
BEE companies debt/service ratio has revealed in most cases as Cargill (2005, 23-5) observes the adverse effect on share prices due to insufficient company earnings to cover interest and capital repayments.
When codes of practice were gazette in April 2007, a principle of “once empowered, always empowered” meaning that when empowerment shareholders sell their shares, accrued points are retained by the company. Now, however as Vuyo Jack (2007) explains is “that if black shareholders sell their shares in a company, the company loses BEE ownership points. In order to retain black ownership companies have instituted lock-in clauses preventing black people from selling their shares to non-black people limiting liquidity for black shareholders even after the lock-in period expires because they have to sell to other black people usually at discounted rates.”
A 20 to 25 percentage shareholding does not confer real power over the activities of that company i.e. a minority shareholder has few formal legal rights and little weight in compelling action from an executive board.
Foreign investments by multinational corporations may be discouraged by the lack of a BEE time frame. Long term projections by investors cannot envisage whether empowerment obligations would be renewed or even intensified.
Companies may, according to Wakeford (2004); resort to “fronting” i.e. will try to hide its own poor ownership, skills and employment equity performance by boosting empowerment procurement ratings.
According to Thornton (Edition 3 2015) referring to the amended codes of good practice partially gazetted in 2013 to speed up transformation and the increased focus on black ownership and the introduction of scoring penalties for failing to achieve certain targets; certain businesses are feeling the pinch and predicting gloom. The said amended codes appear to shift the responsibility for creating and developing black owned businesses away from government and onto businesses at large.
Given this background; the problem will be given in the form of a research question as follows:
How do businesses manage the demand set by government through its legislation and policies whilst at the same time appease shareholders’ Return on Investment?
1.4 Research Aim and Objective
1.4.1 Aim
The aim of the research is to analyse the performance of businesses and consequently develop an implementation framework for the Broad-Based Black Economic Empowerment strategy in the electronic industry in South Africa.
Selected businesses will be empirically measured to determine the effect on their bottom line (Profit before Interest and Taxes) by implementing government’s legislation.
1.4.2 Objectives
· To conceptualise the study through literature review.
· To identify the problems and challenges facing businesses in the Electronic Industry in South Africa due to BBBEE legislation.
· To analyse the performance of businesses in the Electronic Industry in South Africa due to BBBEE legislation.
· To supply potential solutions to businesses in the Electronic Industry in South Africa which could make a positive contribution to them knowing that they may use legislation to their advantage e.g. tax concessions
1.5 The Rationale for the Study
Businesses are facing a major challenge to deliver productivity/profitability for their shareholders whilst under the constraints of forecasts and enforcement of legislations made by government i.e. the Broad-Based Black Economic Empowerment Act of 2004, Growth Employment and Redistribution (GEAR) Policy introduced by the Department of Finance in June 1996 and the revised Black Economic Empowerment Codes of Good Practice partially gazetted in 2013.
The perceived slow pace of transformation may force businesses to adjust their forecasts by creating and developing black-owned businesses and thereby assisting government with their forecasted 6% average growth rate and 400 000 new jobs every year from the year 2000. At the same time government could promote said businesses by awarding tenders and offering special tax concessions.
1.6 Importance/Benefit of the Study
The perceived slow pace of transformation has recently led to unrest i.e. xenophobia, land invasions and service delivery protests this after eleven (11) years after the advent of Black Economic Empowerment.
The amended codes of good practice partially gazetted in 2013, are aimed at speeding up the process and with the introduction of scoring penalties for failing to reach certain targets has compelled businesses to adhere to the same should they wish to succeed.
No empirical studies have been undertaken to determine what the long term effect of Broad-Based Black Economic Empowerment has had on businesses and by implication on the Real Economic Growth.
This study will add to the body of knowledge by examining in a single study; potential solutions e.g. tax concessions, which could have a positive contribution to businesses knowing that they may use legislation to their advantage and the unemployment predicament as a whole and are reflected as follows:
· Youth Employment Incentives – as from 1st January 2014, a special incentive is allowed as a credit against the employer’s monthly PAYE payment to encourage the employment of workers.
· Bursaries and Scholarships – bona fide scholarships and bursaries granted to enable any person to study at a recognised educational institution are exempted from tax.
· Broad-Based Employee Equity – employer companies may issue qualifying shares up to a cumulative limit of R50 000 per employee in respect of the current tax year. A tax deduction limited to a maximum of R10 000 per employee will be allowed in the employer’s hands.
If the results of this study are conclusive, these findings may be generalised to other businesses. Furthermore the results of this study could be used to inform businesses on procurement and employment criteria in South Africa.
1.7 Delimitations of the Study
The following are considered delimitations of this study;
· Black-owned businesses with a turnover under R50 000 000 now have no requirement to contribute to any BEE elements or initiatives and essentially can do business with whomever they please, with an automatically high BEE level. The said businesses questioned why they were tasked in contributing towards the very legislation they were intended to benefit from.
· BEE ownership (gross private domestic investment a factor of Gross Domestic Product) targets that a quarter of the private economy should be owned by black South Africans within a decade. Data reveals that approximately R200 billion has been committed to empowerment deals. The private sector assets total around R5 trillion and with the shortage of black capital it remains unclear how this massive scaling up can occur.
· The benchmark of a yearly 6% average Gross Domestic Product growth rate has not been achieved but has remained fairly stagnant at 3.7% from 2000 to 2009 according to Statistics South Africa (2010). Has the introduction of the Employment Equity Act as well as the weighting of the elements in the Generic Scorecard as described in the Broad-Based Black Economic Empowerment Act been sufficient to overcome previous inequalities and has it had the desired effect on the Gross Domestic Product?
· The lack of a BEE time frame may discourage both local and international investment and thus have a negative effect on the growth potential of the Gross Domestic Product. This would adversely affect employment and in turn household consumption expenditure/personal consumption expenditure and gross private domestic investment. Without outside investment sales (gross exports of goods and services) and purchases (gross imports of goods and services) would be restricted.
· This study draws a sample exclusively from a listed company (Altron TMT and its subsidiaries) on the Johannesburg Stock Exchange in the electronics sector. Hence the external validity would have to be repeated using a sample that is more representative of the general population.
2 LITERATURE REVIEW
2.1 Associated/Related Empirical Evidence
According to Heintz (2003, 2) a key policy framework which was to track economic transformation was the Growth Employment and Redistribution (GEAR) policy which was introduced by the Department of Finance in June 1996. The said strategy was to kick start the South African economy by including the following policies; i.e. relaxation of exchange controls, deficit reduction targets, monetary policies etc. The policy framework set targets that from the year 2000 the economy was to generate a 6% average growth rate and 400 000 new jobs every year. The GEAR forecast of 6% average growth rate far exceeded the annualized percentage change for the period 1996 to 2002 which reflected a real GDP of 2.4% (South African Reserve Bank). When the researcher compared the entire post-apartheid era from 1994 to 2002 with the GEAR policy; spending dropped off i.e. 4.2% versus 1.5% which could mean that demand for domestic produce increased, however, except for government spending household consumption and investments decreased. Heintz (2003) believes that the liberalization of the policies pursued in recent years have not delivered the social benefits needed to transform the South African economy. There has however been no serious economic downturn when compared to the economic crisis encountered by other countries around the world. He further goes on to say that in order realize a real potential for growth some of the factors to consider was to address the distribution of income, employment, ownership of the economy and control of the economy.
The Gini coefficient index measures the level of income inequality. A value of one (1) reflects complete inequality while a value of zero (0) reflects complete equality. A Gini coefficient above 0.5 is unacceptably high. In the 2009 Development Indicators Report, issued by the Presidency’s deputy director-general, the Gini coefficient reached 0.666 in 2008. Bhorat puts the figure at a higher 0.679 and stated that South Africa was now “the most unequal society in the world” and that “in the long run it is bad for growth” and “it is a threat to social stability and growth itself” he warned. The gap between rich and poor in the black population has increased. According to Bhorat (2003) black poverty is a result of unemployment. The increase in unemployment rose from 36.2% in 1995 to 46.6% in 2002. Van der Berg and Louw (2003) show the redistribution of racial income has slowed down between 1995 and 2000. They demonstrated that between 1970 and 1995 the black share of income rose from 22.3% to 38.2% but then only increased to 38.3% in 2000. The Bureau of Market Research forecasts that by 2007 black households will have larger share of personal disposable income (46.5%) than whites (40.4%), compared to 1960 when whites earned 69.4% of total income and blacks a mere 23%.
In the sphere of employment equity since 1994 based on reports submitted by 2369 companies (employing a total of 2.4 million people) to the Commission of Employment Equity in 2002 the following was revealed; black South Africans are still under-represented in top and senior management posts. Although Blacks, Indians and Coloureds make up 77% of the workforce, they hold only 25% of top management positions, 20% of all senior management positions and 28% of all legislators. A consensus commissioned by the Businesswomen’s Association and Mail and Guardian (2005) reflected that although women made up 41.3% of the worker population, they hold less than 20% of top jobs.
According to McGregor’s ‘who owns whom in South Africa’ black share ownership in companies listed on the Johannesburg Securities Exchange will increase from 4% to 6% by 2007. The main beneficiaries according to This Day (2004) relating to empowerment transactions have been done by a small number of black businessmen. 60% of empowerment deals in 2003 were achieved by the companies of two men namely Tokyo Sexwale and Patrice Motsepe. Ernst and Young Management Services (2004) predict that as a result of empowerment deals the BEECom target of 25% will be achieved by 2013.
One of the goals of black economic empowerment is to ensure that the economy is controlled by the majority of the population. Control of the economy should not be confused with ownership of shares in listed companies as the same only contributes a small portion of the total economic activity. Substantial progress has been made in this regard and is demonstrated as follows:
a) Black South Africans control all levels of government and public administration representing 28% of GDP
b) According to the South African Government (2004) the informal sector which is estimated to account for 10% of GDP and is owned by mainly black South Africans
c) Black South Africans control state and enterprises which contribute 5.4% of the GDP
According to Kraak (2003) occupations with the greatest shortage in 2000 were technicians, craft workers, managers, service and sales staff, professionals and operators. Burger (2004) demonstrates that South Africa has an over-supply of unskilled labour whilst it is experiencing a serious shortage of skilled workers. Also that between 1995 and 2002 the share of skilled workers in the African group remained at 5%.
2.2 Definitions of Variables used
The Human Development Index (HDI) is a summary measure of human development, as used by (inter alia) the United Nations Development Programme (UNDP). It measures the average achievements in a country (region) in three basic dimensions of human development:
a) A long and healthy life, as measured by life expectancy at birth.
b) Knowledge, as measured by the adult literacy rate (with two thirds weight) and the combined gross enrolment ratio (with one third weight).
c) A decent standard of living, as measured by GDP per Capita.
Before HDI itself is calculated, an index needs to be created for each of these dimensions. To calculate these dimensional indices, minimum and maximum values (goal posts) are chosen for each indicator. Performance in each dimension is expressed as a value between 0 and 1 by applying the following formula: Dimension Index = Actual Value – Minimum Value/Maximum Value – Minimum Value
The researcher needs to measure whether there has been an impact on the living standards if any since the legislation of BBBEE post 1994.
Broad-Based Black Economic Empowerment Act of 2004 and instituted in 2007 had as its objectives;
a) To promote economic transformation in order to enable meaningful participation of black people in the economy;
b) To achieve a substantial change in racial composition of ownership and management and in the skilled occupations of existing and new enterprises;
c) Increase the extent to which communities and other collective enterprises own and manage existing and new enterprises and increase their access to economic activities, infrastructure and skills training,
d) Increase the extent to which black women own and manage existing and new enterprises, and increase their access to economic activities, infrastructure and skills training;
e) Promote investment programmes that lead to broad-based and meaningful participation in the economy of black people in order to achieve sustainable development and general prosperity;
f) Empower rural and local communities by enabling access to economic activities, infrastructure, ownership and skills
g) Promote access to finance for black economic empowerment.
All the above objectives if met will meaningfully contribute to the Real Economic Growth.
According to the BBBEE Act of 2003 enterprises with an annual turnover of less than R5 million are automatically granted a specified BEE status while enterprises with an annual turnover of between R5 million and R35 million can elect to be measured on any four of the seven BEE elements. The elements that determine the enterprise’s BEE status are weighted as follows;
a) Ownership 20%
b) Management control 10%
c) Employment equity 15%
d) Skills development 15%
e) Preferential procurement 20%
f) Enterprise development 15%
g) Socio-economic development 5%
The above seven elements is referred to as the Generic Scorecard. The BEE Act does not set targets for the elements of BEE but rather provides a framework for the implementation of BEE initiatives.
The Act provides ‘Codes of Good Practice’ i.e.
a) Defining key terms and concepts relating to BEE e.g. the definition of ‘black people’
b) Specifying the scorecard against which enterprises can be assessed
c) Spells out each method of measuring each element of BEE
d) Specifying the targets against which enterprises BEE contributions will be assessed
e) Provide for an independent verification of the BEE status for an enterprise measured against the scorecard.
According to the BBBEE Act, Section 9(5): Codes of Good Practice and in particular Statement 1300: The recognition of Employment Equity Contributions for Qualifying Small Enterprises. The employment equity scorecard is recommended as follows:
a) Black representation at Manager – Controller level (Weighting points 6 : Compliance target 40% )
b) Black women representation at Manager – Controller level ( Weighting points 6 : Compliance target 20% )
c) Black employees as a percentage of total employees (Weighting points 4 : Compliance target 70% )
d) Black women as a percentage of total employees (Weighting points 4 : Compliance target 35% )
The Codes recognize that certain multinational enterprises may not be able to dispose of equity. Equity Equivalent programmes may include programmes that promote enterprise creation in respect of cooperatives that are more than 50% owned by black people, more than 30% owned by black women, or more than 50% owned by members of the black designated groups. Programs that promote socio – economic advancement contributions in South Africa may also qualify Equity Equivalent programs. Black ownership in an offshore enterprise measured against the value of the multinational’s operations in South Africa may also qualify.
Affirmative Action within the Employment Equity Act. The Employment Equity Act (number 35 of 1998) of South Africa sought to eliminate unfair discrimination in employment and to provide for Affirmative Action to redress the disadvantages of the past created by apartheid and to provide equal treatment and equity in employment.
In terms of Section 1 of the Employment Equity Act defines ‘designated groups’ as black people, women and people with disabilities. ‘Black people’ refer to Africans, Coloureds and Indians irrespective of gender, and ‘disabilities’ and ‘women’ includes Black and Whites irrespective of disability while ‘people with disabilities’ include males and females irrespective of race.
Affirmative Action according to section 15 subsection 2(a) “measures to identify and eliminate barriers, including unfair discrimination which adversely affects people from discriminated groups from discriminated groups”. In order to address the disadvantages of the past section 15 subsection 3 shows that Affirmative Action measures “preferential treatment and numerical goals”. Through preferential treatment qualified persons from previously must be retrained, trained and developed to enhance skills development.
Removing discrimination alone will not ensure equality in employment. In terms of section 18 of the Employment Equity Act requested “Disclosure of Information to designated employers who are obliged to redress the disadvantages.” In terms of section 5 of the Employment Equity Act, Affirmative Action dictates that “every employer must take steps to promote equal opportunity in the workplace by elimination of unfair discrimination in their employment policy or practice”. Employment policies under the Employment Equity Act section 1 must address the following; recruitment procedures, appoint processes, job classification and grading, remuneration, job assignment, working environment, training, performance evaluation, promotion, transfer, demotion, disciplinary measures and dismissal.
To enhance diversity and representation in the workforce section 42 of the Employment Equity Act representation in the staff compliment that are suitably qualified must come from the previously disadvantaged. To promote equal opportunity in employment suggests that designated people as per section 15 of the Employment Equity Act must have equal employment opportunities and equal representation in the workplace of a designated employer.
2.3 Hypotheses
Selected businesses will be empirically measured to determine the effect on their bottom line (Profit before Interest and Taxes) by implementing government’s legislation.
The specific hypotheses that will be tested in the study are:
H1 Businesses acceptance and implementation of Affirmative Action in the Employment Equity Act will augment profitability and productivity.
H2 Businesses contribution to address or enhance the amended codes of good practice and the perceived slow pace of transformation will augment the growth of black-owned businesses and the unemployed creatively employed.
H3 There is a positive correlation between business performance and their acceptance of Black Empowerment.
3 RESEARCH METHODOLOGY
In this chapter the selection of suitable research design is motivated. The population is described as is the sample selected to complete the survey questionnaire. The selection of the survey is motivated and its validity and reliability analysed. Finally the statistical analysis of the collected data is motivated and explained.
3.1 The Population for the Study
The setting is the electronics industry in South Africa.
Babbie (1989: 170) defines the study of the population as “that aggregation of elements from which the sample is actually selected”.
The population is drawn from a listed company and its subsidiaries on the Johannesburg Stock Exchange i.e. Altron TMT and its subsidiaries. The company has a total staff compliment of 7872 and has a B-BBEE Level 2 status. The subsidiaries fall under the following categories:
a) Telecommunication Services
b) Multi Media
c) Information Technology
B-BBEE partners include Powermatla, Southern Palace Group of Companies and Thebe Investment Corporation.
3.2 Sampling Technique to be used in selecting the Respondents
There are two main approaches to studying a research problem, quantitative and qualitative research. A third approach combines quantitative and qualitative research into one study known as a mixed method, where both methods ‘triangulate’ to support each other into an integrated framework. The qualitative method is used to give in-depth information on the phenomenon while the quantitative method is used to test hypothesis and making the subject more objective.
Quantitative research designs are mostly experiments, cross-sectional and longitudinal surveys
The proposed research design for this study is the survey method.
Reasons for this choice are as follows:
· The instrument to be used i.e. Comprehensive Company Questionnaire
(CCQ) will demonstrate reliability and validity.
· The use of quantitative survey research design will allow the results to be subjected to statistical analysis which will give the results external validity.
3.3 Instruments to be used in collecting the Data
The proposed instrument to collect the data is the Comprehensive Company Questionnaire (CCQ) and will focus on the following:
· Demographics of black shareholding
· Black staff compliment and positions held
· Black recruitment and training policies
· Policy identification of unemployed people to conduct training on
· Policy regarding skills development for non-staff members e.g. bursaries
· Policy regarding a tracking tool to ensure that those staff on learnerships are absorbed into the industry at the end of their learnerships
· Supplier procurement policy
· Policy regarding the identification of black owned QSEs and EMEs in order to create enterprise development relationships with the aim converting these companies into suppliers
· Policy regarding Socio Economic Development
· Year on year comparisons regarding profit before interest and tax
However in this study, the objective is also the long term effect on the Real Growth Income due to the Black Empowerment legislation and will be derived from the following statistics:
· Real Gross Domestic Product per capita
· Human Development Indices
· The Gini Coefficient
· Ascertaining the number of companies that have qualified for the Broad-Based Black Empowerment status as per the Generic Scorecard
· Obtaining employment/unemployment statistics from the Department of Labour.
· Obtaining current information from the Department of Trade and Industry with regard to fiscal imports and exports
4. DATA ANALYSIS
4.1 Statistical Tools and Model used in analysing the Data
The data will be analysed using both descriptive and inferential statistical tools as described by Cooper and Schindler (2001).
Descriptive statistics based on the mean, standard deviations and percentiles will be calculated for each individual item for the entire sample, the companies own ratings i.e. poor ratings, acceptable ratings and excellent ratings when compared to the amended codes of good conduct partially gazetted in 2013 and their buy-in into the weighting of the seven Black Economic Empowerment elements.
Inferential statistics based on the mean, standard deviations and percentiles will be calculated based on the contributions made by companies to government’s forecasts as a result of its gazetted Black Empowerment laws.
The correlation between the buy-in by companies
and the impact on their PBIT and consequently its influence on Real Economic Growth brought about
by government’s Black Empowerment Acts will be calculated using parametric statistics.
5 RECOMMENDATIONS
· If a positive correlation between the profitability of businesses and hence growth in Real Economic Growth brought about with the introduction Broad-Based Black Economic Empowerment exists, then the results of the study can be used as a basis for buy-in of the same by the shareholders of companies in the Technology sector.
· If the results of this study is conclusive, further studies with a larger sample in the Technology sector should be undertaken and in other industries in South Africa to confirm the external validity of the findings.
· This study will shed light on whether business profitability and hence Real Economic Growth positively correlated to Broad-Based Black Economic Empowerment.
REFERENCES
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BURGER, R. 2004. Changing Dynamics of Employment: What drives the post-apartheid labour market? Taking Power in the Economy: Gains and Directions. The Institute for Justice and Reconciliation: Economic Transformation Audit.
Mail and Guardian. 2005. S A women hold less than 20% of top jobs. Website. https://www.transformationaudit.org.za/research-database/civil-society/ngos/domestic/blackeconomicempowerment. Accessed: 15 February 2010.
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CARGILL, J. 2005. Black Corporate Ownership: Complex Codes can impede change. Conflict and Governance: Economic Transformation Audit. 21-27.
COOPER DR & SCHINDLER PS 2001: Business research methods (7th edition). McGraw-Hill.
HEINTZ, J. 2003. Out of GEAR? Economic policy and performance in post-apartheid South Africa. Research Brief. University of Massachusetts: MA.
JACK, V. 2007. Long term BEE must build in liquidity, Business Report, 12 November 2006.
KRAAK, A. 2003. HRD and the Skills Crisis. Website. https://hrdreview.hsrc.ac.za. Accessed: February 15 2010.
MSIMANG, S. 2000. Affirmative action in the new South Africa: The politics of representation, law and equity. Women in Action. 1(1) 36-40.
The FW de Klerk Foundation. 2005. Black Economic Empowerment in South Africa. Website. https://www.transformationaudit.org.za/research-database/civil-society/ngos/domestic/blackeconomicempowerment. Accessed: 15 February 2010.
Acts
Broad – Based Black Economic Empowerment Act of 2004
Affirmative Action Act of 1998
Employment Equity Act (Number 35 of 1998)