JSE and Enterprise Development
Posted by Daniel Makhura on 24 October 2017 10:05 AM SAST
Information about the above
As part of its contribution to transformation in financial markets, the JSE last year introduced an Enterprise Development Programme, which provides financial assistance to emerging black stockbroking firms. The programme disbursed approximately R6 million to participating firms in 2016, who used the funds in various different ways to grow their businesses. The disbursements were equal to 33% of the equity trading and membership fees that the brokers paid to the JSE during each quarter in 2016. Fourteen black-owned stock broking firms participated in the 2016 programme and there are currently 14 brokerages participating in the 2017 programme.
Earlier this year the JSE also amended its Listing Requirements to include disclosure on the promotion of racial diversity 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. The requirements were effective as of 19 June 2017 and companies will be required to start reporting on this in their annual reports from 1 June 2018.
Launched the JSE Black Stockbroker Enterprise Development Programme
Enterprise development contributions were used:
– To create jobs for black people
– To pay for general learning and development
– To retain black talent