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Property Sector Transformation Charter

Property Sector Transformation Charter. Portfolio Committee Presentation 14 September 2005. INTRODUCTION. Recognising: the transformation developments in other sectors; the significance of the property sector in SA economy; that the sector needs to transform; and

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Property Sector Transformation Charter

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  1. Property Sector Transformation Charter Portfolio Committee Presentation 14 September 2005

  2. INTRODUCTION • Recognising: • the transformation developments in other sectors; • the significance of the property sector in SA economy; • that the sector needs to transform; and • the challenges faced by the sector in achieving broad base economic empowerment; • In line with Government’s BEE Strategy, the Property Stakeholders initiated a transformation process which was launched by the Minister by end of 2004.

  3. Process • Steering Committee made up of all stakeholders (public and private sectors); • Exco: management of the process; • Technical teams: technical drafting; • Administration: day-to-day affairs.

  4. CONSULTATION PROCESS • Representative of the EXCO have been on road shows to present the draft charter, and hear concerns of stakeholders in the provinces. • The Property Sector Transformation Charter Indaba was held in Gauteng as part of a continued campaign to consult with stakeholders. • A steering committee meeting on regular basis to get agreement of the framework and scorecard.

  5. Framework document • Preamble • Challenges facing the property sector • Objectives of the Charter • Application and governance • Elements of the Framework • Regulatory issues • Gender transformation • The scorecard • Definitions

  6. Elements of the scorecard • Ownership: - Voting rights - Economic Interest • Control • Employment Equity • Skills Development: - skills spend - learnerships - mentorships

  7. Elements of scorecard (contd) • Procurement • Enterprise Development • Residual: - CSI - Development in under-developed areas - Gender transformation policy (Minister’s comments)

  8. Scorecard Ownership Control Employment Equity Skills Development Procurement Enterprise Development Residual

  9. Issues • Targets are valid for 5 years. • Review progress after 3 years • Consistent with sound business practice. • First reports to be produced year ending 31 December 2006. • Submission 31 March 2007

  10. Way Forward • Charter document submitted to Minister • Minister sent document back with comments for reconsideration by stakeholders • Submission to DTI • Cabinet approval • Gazeting as Code of Good Practice • Establish Charter Council

  11. THANK YOU

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