🔒 Boardroom talk –  BizNews #1 columnist is back with a blast against black business elite

By Alec hogg

During the New SA’s infancy, I publicly crossed swords with many (white) leaders of Corporate South Africa over their approach to the major topic of the time – Black Economic Empowerment.

My view was that history had provided the business sector with a unique opportunity to create a massive population upliftment programme. After seeing it with my own eyes, I urged to local adoption of Jamsetji Tata’s century old model, where the founder of India’s biggest company structured its ownership and dividend flow to benefit the masses of society. With an enormously positive result.

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Regrettably, SA’s unelected custodians of shareholder assets chose a very different path, opting to endow extreme wealth upon a select few. Their argument: black South Africans needed ‘role models’. Additionally, they said shareholders would benefit as this carefully selected elite would be “influential” with the new ANC government.

The unintended consequences were forseeable. Better-informed beneficiaries such as Mzi Khumalo amassed fortunes by hoovering up shares from their black fellows at a fraction of true value. Even easier wealth flowed to ANC heavyweights like Cyril Ramaphosa and Tokyo Sexwale, gifted billions via corporate share option grants.

An even bigger tragedy is the way this feeding-at-the-trough culture was embedded into SA society. It has now mutated into something truly sinister, where the country’s assets have become fair game for the enriched elite – and, Russian-style, their wealth dispensing power encourages local oligarchs to act against the national interest.

Back behind his keyboard after a short break, our tribe’s favourite columnist, RW Johnson, tackles the subject with the vigour of a refreshed missionary. Forthright as ever, he drives a bulldozer through the SACP/ANC and Corporate SA’s carefully crafted ‘role model’ narrative. Exposing the horror for what it truly is.

Roll on 2024.        

Sterkte.

Alec

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