The property sector is running out of time to adapt its charter.
Category Commercial news
Muller is passionate that transformation starts with the people driving the process. Pareto has a Level One BEE rating - all members of its executive team are black and Pareto also has female and disabled representivity. He points out that in the listed property sector today, there is little transformation in executive teams. A recent IPD study, which excluded dual listed and internationally domiciled companies, revealed that only 11 of the 78 listed property executive director positions are filled by black persons and only one is female. Dig a little deeper and you'll discover only two of these black directors have risen to their positions as part of an established business, all the others have come from black business and most of them on the basis of Government backed initiatives "Transformation is about changing the status quo rather than diluting it," says Muller. "Black leadership is the most economical and effective way of achieving transformation, we should be seeing more." While the future of transformation in the property sector is a big issue, Muller is adamant it shouldn't be an emotive issue. "We need to look at the facts and figures and ensure they make sense," says Muller. "What is crystal clear is that we're running out of time to ensure compliance with the revised BEE Codes for the sector. Given the lack of progress in our sector, it may be of greater National interest for us to rather, as a sector, revert to the Generic BEE codes."
Author: eProp Commercial Property News
