Financial Sector Charter
The South African Financial Sector Charter is a transformation charter in terms of the Broad-based Black Economic Empowerment Act.
The Charter came into effect in January 2004 as a result of the Financial Sector Summit hosted by the National Economic Development and Labour Council, the multilateral social dialogue forum on social, economic and labour policy. The Nedlac partners – government, business, labour and community constituencies – negotiated the Financial Sector Summit Agreements on transforming the financial sector and signed the Summit declaration on 20 August 2002.
Charter Objectives
The objectives of the Charter are to:- Constitute a framework and establish the principles upon which BEE will be implemented in the financial sector;
- Provide the basis for the sector's engagement with other stakeholders
- Establish targets and unquantified responsibilities in respect of each principle; and
- Outline processes for implementing the charter and mechanisms to monitor and report on progress.
- Human resource development;
- Procurement of goods and services;
- Access to financial services;
- Empowerment financing ;
- Ownership and control and
- Corporate social investment.