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South Africa: No Name Brand BEE
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Business Day (Johannesburg)
COLUMN
26 March 2008
Posted to the web 26 March 2008
Johannesburg
SASOL has taken the plunge with its "no name" brand of black economic empowerment. Charting untested waters, Sasol yesterday unveiled a multibillion rand black economic empowerment deal, without the big-name empowerment personalities.
It had to happen. At some point South African companies had to give true meaning to "broad-based" empowerment.
The two biggest beneficiaries of the transaction are employees and black South Africans. More black South Africans now have a chance to lay their hands on a blue-chip company that is poised for local and international growth. The same can be said about all Sasol employees .
One of the glaring injustices of black economic empowerment so far has been how employees -- the backbone of any company -- were left behind when empowerment spoils were shared. Where they have been accommodated, this has been done in an obviously half-hearted manner.
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This obsession with personality-driven deals has its roots in the obsession with equity as a form of empowerment.
If truth be told, Sasol does not need an outside personality to wave the magic wand. It has its own black talent.
The Bottom Line is Edited By Edward West
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