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JSE-listed firms must disclose empowerment status

Cape Town - Companies listed on the Johannesburg Stock Exchange (JSE) will have to publish a compliance report on their broad-based black economic empowerment (B-BBEE) status.

This follows amendments to its Listing Requirements to ensure that its listed companies have a policy in place to promote racial diversity at board level, the JSE said in a statement on Thursday.

These amendments have been implemented in conjunction with amendments dealing with the King IV Report on Corporate Governance.

"The implementation date of the required disclosure in the annual report of the policy on the promotion of race diversity at board level will be 1 June 2018. As such all annual reports issued on or after 1 June 2018 will have to comply with the required disclosure."

It said the intention with the lead time is to afford listed companies with sufficient time to comply with the new requirement.

Publication of the annual compliance report pursuant to the BBEE Act is required from 19 June 2017.
 
The JSE said racial diversity must be disclosure at board level.

"This means that companies must have a policy for the promotion of racial diversity at board level and they are further required to report annually to their shareholders how they have applied the policy.

"Listed companies are also required to report on how they have complied with their own voluntary targets and are also required to report on the progress they have made."   
 
Listed companies are required to publish their Broad Based Black Economic Empowerment annual compliance report on their company website and are further required to make an announcement on the stock exchanges news service (SENS) that this has been published on their website.

Zeona Jacobs, director of marketing and corporate affairs at the JSE, said the JSE strongly supports the transformation of the South African economy and believes it can contribute to this.

“The exchange is committed to the transformation of our country’s capital markets. Our focus is both on transformation in how we run our own business, JSE Ltd, as well as well influencing our broader eco-system which includes our listed companies, investors and intermediaries.”

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