President Zuma stands by assertion that black ownership stands at three percent
01 March 2015
In the reply to the State of the Nation Address on 19 February 2015, President Jacob Zuma said black ownership of the Johannesburg Stock Exchange stood at three percent and incurred the wrath of some economic commentators.
Commentators referred to a JSE statement that the black ownership of the top 100 companies on the JSE had increased to 23 percent, about 10 percent through black economic empowerment schemes and about 13 percent through vehicles such as unit trusts and pension funds.
The President stands by his assertion, which was based on the measure used by the National Empowerment Fund (NEF) to assess direct black ownership and control in the South African economy, using the Johannesburg Stock Exchange (JSE) as a proxy.
The NEF relies on the work done by Who Owns Whom (Pty) Ltd, an independent research organisation producing original research on the African business and economic environment.