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

Codes of Good Practice on Broad-Based Black Economic Empowerment

Amended Property Sector Code

Statement 000: General Principles and General Scorecard as applied to the Amended Property Sector Code

7. Management Control

 

7.1 Black people, Black women and designated groups continue to be underrepresented at board level and in executive management in the sector.

 

7.2 Enterprises in the sector therefore commit to achieve the following
7.2.1 50% of voting rights for Black people at board level;
7.2.2 25% of voting rights for Black females at board level;
7.2.3 50% Black executive directors as a percentage of all executive directors;
7.2.4 25% Black female executive directors as a percentage of all executive directors;
7.2.5 60% Black executive management as a percentage of all executive management; and
7.2.6 30% Black female executive management as a percentage of all executive management.

 

7.3 All principles under Management Control that covers Board Participation and other Executive Management in the revised codes as amended from time to time (for both generic and QSE) are applicable.

 

CODE 200A: MANAGEMENT CONTROLS GENERIC ENTITIES - 9 POINTS

 

MEASUREMENT CATEGORY & CRITERIA

WEIGHTING

POINTS

COMPLIANCE

TARGETS

2.1 Board participation:

 

 

2.1.1 Exercisable voting rights of Black Board members as a percentage of all board members

2

50%

2.1.2 Exercisable voting rights of black Female Board members as a percentage of all Board members

1

25%

2.1.3 Black executive directors as a percentage of all executive directors

2

50%

2.1.4 Black female executive directors as a percentage of all executive directors

1

25%

2.2 Other executive management

 

 

2.2.1 Black other executive management as a percentage of all executive management

2

60%

2.2.2 Black other female executive management as a percentage of all executive management

1

30%

 

MANAGEMENT CONTROL BONUS POINT FOR GENERIC ENTITIES - 2 POINTS

 

MEASUREMENT CATEGORY & CRITERIA

WEIGHTING

POINTS

COMPLIANCE

TARGETS

2.1 Board participation:

 

 

Black executive directors as a percentage of all executive directors

1

70%

Black female executive directors as a percentage of all executive directors

1

35%

 

7.4 Recognising that residential estate agencies, Broking and valuation companies do not differentiate various board level participation, these segments therefore commit to achieve the board participation targets in line Code 200A as shown below.

 

7.5 In the Management Control, all entire Property Sector will not be broken down into the 6 demographic sub targets.

 

MANAGEMENT CONTROL FOR ESTATE AGENCIES, PROPERTY BROKERS, VALUATION COMPANIES - 9 POINTS

 

MEASUREMENT CONTROL INDICATOR

WEIGHTING

POINTS

COMPLIANCE

TARGETS

Board participation

Exercisable voting rights of Black Board members as a percentage of all voting Board members

4

50%

Exercisable voting rights of Black Female board members as a percentage of all voting Board members

2

25%

Other executive management

Black executive management as a percentage of all executive management

2

60%

Black Female executive management as a percentage of all executive management

1

30%

 

MANAGEMENT CONTROL BONUS POINTS FOR ESTATE AGENCIES, PROPERTY BROKERING, VALUATION COMPANIES - 2 POINTS

 

MEASUREMENT CATEGORY & CRITERIA

WEIGHTING

POINTS

COMPLIANCE

TARGETS

Other executive management

Black Executive Management as a percentage of all executive Management

1

70%

Black Female executive Management as a percentage of all executive management

1

40%

 

CODE 702A: MANAGEMENT CONTROLS FOR QSE SCORECARD – 9 POINTS

 

MEASUREMENT CATEGORY & CRITERIA

WEIGHTING

POINTS

COMPLIANCE

TARGETS

Executive management

Black representation at executive management as a percentage of all executive management

4

50%

Black Female representation at executive management as a percentage of all executive management

2

25%

Non-Executive management

Black representation at non-executive management as a percentage of all non- executive management

2

60%

Black Female representation at non-executive management as a percentage of all non-executive management

1

30%