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

Industry Charters

Financial Services  Charter

Code Series FS900: Framework for Measuring Broad-Based Black Economic Empowerment for QSFIS

Statement 900: General Principles and the Scorecard

3. The QSFI Scorecard

 

Element

Available Points

Adjusted %

Weighting*

Primary Reference

Ownership

14 + 3 bonus

20%

Code FS100 to be read with Code 100 of the Generic Codes

Management Control

8 + 1 bonus

20%

Code FS200 to be read with

Code 200 of the Generic Codes

Employment Equity

15 + 3 bonus

20%

Code FS300 to be read with

Code 300 of the Generic Codes

Skills Development

10

20%

Code FS400 to be read with

Code 400 of the Generic Codes

Preferential Procurement

16

20%

Code FS500 to be read with

Code 500 of the Generic Codes

Empowerment Financing

15

20%

Code FS600

Enterprise Development*

5

20%

Code FS600 to be read with

Code 600 of the Generic Codes

Socio-Economic Development

3

20%

Code FS700 to be read with

Code 700 of the Generic Codes

Access to Financial Services

14

20%

Code FS800

Total

100 +  7 bonus

100%

 

* the sum of the elements shall be weighted to 100% as per 4 below

 

3.1 QSFis may elect 5 of the 9 elements to be measured against, one of which must be Ownership during the first measurement period of this FS Code.

 

3.2 Once a QSFI has selected which 5 elements (one of which must be Ownership) to be measured against, it shall be measured against those elements for all measurement periods following the first measurement period. For avoidance of doubt, it may not change its selection at each measurement period, subject to the exception under 3.2.1 below.

 

3.2.1 In the event that the FS Code is amended as a result of the interim review or full review or for any other reason, then a QSFI will have the option to re-elect which 5 elements it shall be measured against.

 

3.3 The QSFI must be measured using all key measurement principles, rules, scorecards and provisions as contemplated under Code Series' 100 to 800 for their specific chosen elements.