The Black Management Forum Welcomes New JSE Listing Requirements
Johannesburg, 1 November 2016
The Black Management Forum (BMF) welcomes the decision by the JSE to include transformation as part of its listing requirements. The disclosure by companies on how they fare as far as race and gender inclusivity will surely elevate transformation as a business imperative.
“We would firstly like to thank the JSE CEO, Nicky Newton-King, and her team for the engagements that we had with them which ultimately resulted in including race and gender as part of the listing requirements. These new requirements will create much needed transparency around transformation and will expose those companies that disregard and make a mockery of transformation” commented BMF President, Mncane Mthunzi
The BMF seeks to elevate and locate transformation at the core of how organisations execute their business responsibilities. The BMF recently announced that the JSE must make transformation targets to be part of its listing requirements. Targets on race and gender need to be set to ensure fair representation. The JSE needs to insist on disclosure from all the listed companies.
The gender parity policy of the JSE is working and must be commended and supported. Disclosure alone, will hopefully, embolden companies to improve their performance as this will be put in a public domain.
“The BMF is extremely excited about these developments, this is a great victory for transformation. We believe that these listing requirements for companies to disclose their transformation positions will compel them to take transformation more seriously. Transformation has been in reverse gear for years and this announcement by the JSE is a significant step in making it a business imperative. We are now working on our submission to the JSE which will include targets on race and gender at Board and Executive Committee levels for all companies”, Mthunzi concluded.
About the Black Management Forum
The BMF has been in existence for 40 years and is a non-racial thought-leadership organisation with the main purpose of influencing socio-economic transformation in our country, in pursuit of socio-economic justice, fairness and equity.
The BMF stands for the development and empowerment of managerial leadership, primarily amongst black people, and the creation of managerial structures and processes that reflect the demographics, and values of the wider society.
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