Original publish date – Tue, 10 Mar 2009 08:30:15 +0000, Keith
I always get amused/annoyed when I read in the media of XYZ (Pty) Ltd, a BEE company. What exactly does a “BEE company” mean?
I take it literally to mean that the company is BEE compliant, i.e. maybe it is level 4 or 3, or even 2.
Of course this is nonsense, a “BEE” company in the eyes of the media is simply one that is black owned.
There is a definition in the codes “BEE controlled company”. This is a company that has more than 50% voting rights in the hands of black people.
A “BEE owned company” on the other hand is one that has more than 50% economic interest in the hands of black people.
In the interests of accuracy I’d like to see the press refer to these companies by their true categorisations.