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Tag: Transformation

Is B-BBEE now a deal-breaker in M&A?

B-BBEE

By Ginen Moodley Broad-Based Black Economic Empowerment (B-BBEE) is no longer a side issue in mergers and acquisitions (M&A) – however, the answer to whether it is a true deal-breaker depends on how you look at it.  Legally, the framework does not yet give regulators the authority to block a deal outright on B-BBEE grounds. Commercially, however, a weak empowerment profile can derail a transaction just as effectively – through delays, onerous conditions, reputational damage or lost investor confidence. The Competition Commission has confirmed that B-BBEE will now form part of the public interest assessment in merger approvals. This shifts due diligence beyond financial and operational metrics to include a target company’s empowerment status, ownership structure, and scorecard history. A poor B-BBEE profile may not be enough to stop a deal legally, but it can slow it to a crawl, invite tough conditions or spark public backlash that erodes deal value. In July, Parliament’s Portfolio Committee on Trade, Industry and Competition has called for greater transparency, fairness, and accountability in M&A deals, particularly with regard to imposing public interest conditions in terms of transformation and the inclusion of historically disadvantaged persons (HDPs). The Trade, Industry and Competition Committee has gone further, urging the Competition Commission to adopt an activist approach by publishing details of historically disadvantaged partners in approved transactions, creating a centralised database to help companies identify empowerment participants, and embedding lock-in periods to ensure ownership structures deliver real value. These signals point to a regulatory and political environment where transformation is no longer negotiable.This is not only a policy debate, it is already playing out in the market. When Heineken’s acquisition of Distell and Namibia Breweries was approved in April 2023, the deal was cleared on condition that the new entity, HEINEKEN Beverages, committed to substantial transformation initiatives. These included an ambitious investment plan of more than €500m over five years, the construction of a new brewery and maltery, a supplier development and localisation fund, and a Tavern Transformation programme to support 1 000 tavern owners. The heightened pressure in M&A coincides with broader compliance reforms. In April 2025, the Minister of Employment and Labour published final employment equity targets for 18 sectors. Designated employers must submit five-year plans by 31 August 2025 or face fines and exclusion from state contracts. The burden of proof has also shifted: companies must now demonstrate valid reasons for falling short. Compliance is being measured on outcomes, not intentions. Small businesses are also under the spotlight. Exempted Micro Enterprises must now file B-BBEE affidavits that include industry classification codes and confirmation of permanent black ownership, submitted directly to sector charter councils. This aims to curb fronting and ensure empowerment translates into genuine participation. Meanwhile, the legal profession has been reshaped by the Legal Sector Code. Firms are required to demonstrate 50% black ownership, spend 3.5% of payroll on black skills development, and procure more from black-owned legal service providers. Similar industry-specific codes are tightening across the economy, reflecting a broader move from broad-brush compliance to precise, enforceable sector obligations. Ownership remains one of the trickiest areas. The Codes of Good Practice assess not just shareholding but also voting rights, economic interest, and the sustainability of structures. Community trusts, employee share schemes, and equity equivalents are useful mechanisms, but when poorly designed, they risk collapsing under scrutiny. In an M&A environment, these weaknesses can undermine approvals or unravel a deal later. For dealmakers, this means that B-BBEE due diligence can no longer be superficial. It is not enough to glance at a scorecard; regulators and stakeholders are scrutinising the substance behind the numbers. Ownership structures, employment equity compliance, procurement practices, and even historical scorecard performance can all influence whether a deal is approved smoothly or delayed with conditions.  So, is B-BBEE now a deal-breaker in M&A? From a legal perspective, the Competition Commission cannot yet veto a merger solely on B-BBEE grounds, but commercially the risks are real: a weak empowerment profile can translate into reputational damage, loss of investor confidence, and transaction timelines stretching out indefinitely. Transformation has become a decisive factor in whether deals succeed or stall. Businesses that understand this distinction and embrace transformation as a strategic necessity rather than a compliance burden will not only secure smoother approvals but also build credibility and resilience in an economy where inclusivity is inseparable from growth. Ultimately, the question is not whether B-BBEE is a formal deal-breaker under current law, but whether businesses can afford to treat it as anything less. The direction of policy, enforcement and market expectation is unmistakable. Dealmakers who integrate transformation into their transaction planning will navigate approvals with greater certainty, protect deal value and position themselves for long-term relevance in an economy where inclusivity is fast becoming a cornerstone of commercial success. Ginen Moodley is a corporate and commercial attorney and the founding director of Moodley Attorneys Incorporated (MAinc), a South African law firm specialising in Business Advisory, Commercial Transactions, Dispute Resolution, and Estate Planning.

Leadership and innovation in tech

By Thulani Dube, Head of Innovation and Advancement, Cornerstone Institute  While noticeable strides have been taken to drive inclusivity and gender parity within the technology industry, we have to continually ask ourselves what meaningful inclusion looks like in a country with a history of engineered inequality.  The tech space in South Africa continues to be shaped by visionary women striving for digital innovation and inclusive leadership. It becomes imperative for female tech leaders like tech social entrepreneur Baratang Miya to emerge and challenge norms, as well as build bridges for future talent. While leaders must have a presence so as to take up space, it is also important for them to create spaces for future generations to follow, something that Baratang has continually done, making her endeavours align with the United Nations Sustainable Development Goal 5 focused on promoting women in achieving gender equality and empowering all women and girls.  Recently at a Transformation and Empowerment focused conference, Dr Simamkele Dlakavu, a lecturer on Gender Studies, asserted that the current gender inequality in various industries is by design and therefore needs leaders who will be intentional when it comes to issues such as women employability and equity. Leaders in the technology space must therefore make equity a core strategic priority and not another HR buzzword, whilst actively challenging entrenched systems and cultures in order to inspire a shift in organisational mindset around gender, power, and value.  The gender gap in South Africa’s Information and Technology sector reminds us that transformation requires more than policy, it demands intention and action. As of 2024, women account for just under 40% of the ICT workforce. While that figure signals some movement, it is far from parity and even further from power. The problem starts early where only 13% of STEM graduates in South Africa are women, a sobering contrast to the global average of approximately 35%.  This limited pipeline of talent feeds directly into an even more exclusive leadership tier.  Notably just 5% of ICT CEOs in South Africa are women, and across all JSE-listed companies, only 14% of CEOs are female. At board level, women hold only 20% of director positions, and top executive roles sit stubbornly at 17% female representation. These aren’t just numbers,they’re symptoms of a system that wasn’t designed with women in mind.  Women redesigning the future and paving the way for others to follow Amid these structural imbalances, a generation of formidable women is rising to redesign the future from within. Leaders like Naadiya Moosajee, engineer and co-founder of WomEng, are not only breaking barriers – they’re building frameworks for thousands of women to follow. Through her work across Africa, she has become a global advocate for gender equity in STEM, ensuring that young women don’t just enter the field but thrive within it.  Equally inspiring is Mpumi Madisa, CEO of Bidvest Group and the first Black African woman to lead a JSE Top 40 company. Her ascent signals what’s possible when competence meets opportunity and when corporate South Africa embraces inclusive innovation. Basani Maluleke, former CEO of African Bank, brought a bold voice to the fintech space, illustrating the power of representation in reimagining financial services for a broader, more inclusive economy.  And then there’s Emma Mphahlele, whose journey from rural Limpopo to international tech stages defies the limits historically placed on girls in underserved communities. Through initiatives like Kids Innovate Africa and African Youth Ignited, she is championing access, neurodiversity, and digital empowerment for girls and differently-abled youth alike. As a TechWomen alumna and UN Women-endorsed facilitator, her mission is not only deeply personal but  structurally transformative. These women are more than outliers,  they are architects of change. Their journeys stand as living proof that while the system may not have been built for women, it can be reshaped by them. Collectively building an ecosystem of transformation across sectors   The growing influence of women across key sectors is reshaping South Africa’s approach to innovation, inclusion, and progress. In government, women leaders are playing a crucial role in shaping the country’s digital transformation agenda through expanding broadband access in rural areas and embedding gender-sensitive approaches in ICT policy. Initiatives like the SA Women in ICT Forum and the TechnoGirl Trust are helping to bridge the gap between young talent and future-ready careers, ensuring that girls are not left behind in the tech-driven economy.  In the private sector, leaders such as Nolitha Fakude, Chairperson of Anglo American’s Management Board in South Africa, are at the forefront of embedding sustainability and inclusive innovation into core business strategy. Through her work, she has championed digital upskilling, enterprise development, and gender equity in traditionally male dominated sectors like mining and industrial technology, demonstrating how corporate power can serve as a platform for systemic change. Similarly, the LaunchLab, Stellenbosch University’s innovation incubator, under the dynamic leadership of Anita Nel, is actively nurturing startups, with a focus on tech, agri-innovation, and social impact ventures. Their support of female entrepreneurs from ideation to investment readiness has made LaunchLab a catalytic force in bridging the gender gap within the startup ecosystem.  Higher education institutions are also key levers in this transformation. Visionary leaders like Professor Pamela Zibuyile Dube, Vice-Chancellor of the Central University of Technology (CUT), are steering universities toward inclusivity and innovation. Under such leadership, institutions become not just academic spaces, but launchpads for female talent in science, technology, and research. By aligning academic output with national digital goals and social equity, such leaders in higher education are helping to redefine what progress looks like as well as who gets to lead it.  Together, across sectors, these leaders are building an ecosystem of transformation. Not all heroes wear capes!

Rachel Kolisi to deliver keynote address at Standard Bank Top Women Conference 2025

Top Women Conference inside image

The Standard Bank Top Women Conference, South Africa’s premier gender empowerment platform, returns to the Sandton Convention Centre on 22–23 September under the bold theme: “Her Power. Africa’s Future.” Now in its ninth year, this two-day conference will convene over 1 000 influential leaders, visionary entrepreneurs, policymakers, and changemakers committed to advancing women’s role in shaping Africa’s growth story. It has become a rallying point for women who are not only participating in South Africa’s progress, but actively defining it. This year’s theme underscores the unstoppable force of women entrepreneurs as visionaries whose strength, innovation, and resilience are transforming industries, communities, and borders. “I believe platforms like the Standard Bank Top Women Conference are vital because they don’t just recognise women’s achievements, they ignite conversations and connections that lead to real change. For me, the most powerful part of this journey is seeing how collaboration between visionary leaders, sponsors, and entrepreneurs creates lasting impact. As we launch the 20th annual Top Women Leaders Publication, it’s a reminder that women are not waiting for the future…we are building it.” – Twaambo Judy Chileshe, Head of Brand, Top Women  A powerful line-up of topics and leaders The two-day programme is set to deliver an impactful experience, featuring inspiring keynote addresses from visionary leaders, dynamic panel discussions, SheLeads Dialogues, and a wealth of networking opportunities designed to accelerate inclusive growth across South Africa. Delegates will also have the opportunity to participate in PitchPower Networking sessions, where they can deliver rapid two-minute lightning pitches to showcase their business, product, or service to an audience of peers, potential partners, and investors. Programme highlights include: From sustainability and governance to creative industries, youth entrepreneurship, and healthcare innovation, the agenda reflects the full entrepreneurial journey and the ecosystem of support needed to help women thrive. READ: 3 ways to use events to boost your organisation’s reach and revenue Keynote voices of change This year’s keynote speakers include: Together, these leaders and many others will bring their expertise, experience, and passion to discussions that champion inclusive enterprise and women-driven innovation. Building legacy through partnership The Standard Bank Top Women Conference continues to grow as a collaborative platform thanks to the support of its valued partners and sponsors:  Platinum Partner: Standard Bank Gold Partner: merSETA Host City Partner: Gauteng Tourism Authority Silver Partners: Merchants, Harmony Gold Mining Company, Guerbet SA, KFC South Africa Bronze Partners: Enel Green Power, Barloworld Limited, Bridging & Associates, MSD Southern Africa, South African Airways, SIBANYE Still Water Showcase Counters: CorpsAfrica, Mancosa, Godrej Consumer Products, Euphoria Telecom, The Gordon Group, CCG Systems Lifestyle Partners: Nespresso, Mr Price Sport, L’oreal, DHL Their commitment to advancing women’s empowerment in business and society is central to the conference’s impact and longevity. INTERVIEW: How Rachel Kolisi balances it all Join the movement – Shape Africa’s future Delegates will leave empowered with actionable strategies, new connections, and a renewed vision of how women-led enterprises can shape Africa’s economic and social future. Event Details:Venue: The Ballroom, Sandton Convention Centre, JohannesburgDate: 22–23 September 2025 Tickets: https://qkt.io/X98Pay 

Narrowing workplace gender bias needs strong leadership

Narrowing workplace gender bias needs strong leadership

“PWC’s recent insights into gender equity, released in March this year, highlight significant gender empowerment gaps globally, and in previous years have honed in on South Africa, where men remain more empowered in the workplace than women.”

Sanlam, Sasol and SARS among 2025 Nedbank Top Empowerment Award winners

2025 Nedbank Top Empowerment Award winners

The prestigious Nedbank Oliver Top Empowerment Awards 2025 took centre stage on the night of 31 July 2025, celebrating the exceptional individuals, companies, and organisations driving transformation and empowerment across South Africa. Held under the theme “Defying Limits, Empowering Change,” the event gathered the country’s foremost leaders, changemakers and visionaries in a powerful tribute to inclusive growth and economic justice. Hosted by the renowned broadcaster Leanne Manas, the evening commenced with a welcome address by Ralf Fletcher, CEO of Topco Media, who acknowledged the remarkable progress being made in economic empowerment. The event featured insights from the esteemed judging panel during a live Q&A session with Khensani Nobanda, Group Executive: Group Marketing and Corporate Affairs at Nedbank, and Gavin Fitzmaurice, Partner at Webber Wentzel, who reflected on the calibre of this year’s entries. Guests were further inspired by a powerful keynote from Mfundo Nkuhlu, Chief Operating Officer of Nedbank Group, followed by an address from the Honourable Minister Solly Malatsi, Minister of Communications and Digital Technologies, who spoke to the critical role of digital transformation in building an inclusive, empowered future. Congratulations to the finalists and winners of the categories: TOP EMPOWERED COMPANY: FAST GROWTH BLACK-OWNED SMME OF THE YEAR AWARD Winner: Bono Property Group Finalists: TOP EMPOWERED COMPANY: PUBLIC SECTOR OF THE YEAR AWARD Winner: South African Revenue Service (SARS) Finalists: TOP EMPOWERED COMPANY: ENTERPRISE AND SUPPLIER DEVELOPMENT OF THE YEAR AWARD, Sponsored by Nedbank Winner: Mondi Zimele (Pty) Ltd Finalists: TOP EMPOWERED COMPANY: DIVERSITY, EQUITY AND INCLUSION IN THE WORKPLACE OF THE YEAR AWARD Winner: Schneider Electric Finalists: TOP EMPOWERED COMPANY: SUSTAINABLE BUSINESS OF THE YEAR AWARD Winner: Nestlé ESAR Highly Commended: Isanti Glass Finalists: TOP EMPOWERED COMPANY: YOUTH DEVELOPMENT OF THE YEAR AWARD, Sponsored by Nedbank Winner: Sanlam Life Finalists: TOP EMPOWERED COMPANY: DIGITAL TRANSFORMATION OF THE YEAR AWARD Winner: Vaxowave Finalists: TOP EMPOWERED COMPANY: SOCIO ECONOMIC DEVELOPMENT OF THE YEAR AWARD Winner: Sasol Limited Finalists: TOP EMPOWERED: LIFETIME ACHIEVER OF THE YEAR AWARD Honourable Minister Enoch Godongwana – Minister of Finance for South Africa MUNICIPAL WOMEN LEADERSHIP EXCELLENCE AWARD, Sponsored by SALGA NEDBANK OLIVER TOP EMPOWERMENT LEGENDS 2025  TOP EMPOWERED COMPANY: JOB CREATION OF THE YEAR AWARD Winner: Geeks4Learning (Pty) Ltd Finalists: TOP EMPOWERED COMPANY: EDUCATION AND SKILLS DEVELOPMENT OF THE YEAR AWARD Winner: Mondi Zimele (Pty) Ltd Finalists: TOP EMPOWERED: PUBLIC SECTOR LEADER OF THE YEAR AWARD Winner: Edward Kieswetter – South African Revenue Service (SARS) Finalists: RICHARD FLETCHER ENTREPRENEUR OF THE YEAR AWARD Winner: Patricia Tshitema – Bono Property Group Finalists: TOP EMPOWERED: YOUNG ACHIEVER OF THE YEAR AWARD (UNDER 40) Winner: Beverley Siwisa – Afrizan People Intelligence (Pty) Ltd Finalists: TOP EMPOWERED: BUSINESS LEADER OF THE YEAR AWARD Winner: Sindisiwe Dlamini – Pamodzi Unique Engineering Finalists: TOP EMPOWERED COMPANY: BUSINESS OF THE YEAR AWARD, Sponsored by Nedbank Winner: Oceana Group Limited Highly Commended: Isanti Glass Finalists: The 2025 Nedbank Oliver Top Empowerment Awards not only recognised excellence but reignited the national conversation around transformation, equity, and sustainable development. As the winners and finalists take their well-deserved place among South Africa’s top empowered leaders, this year’s event stands as a bold reminder that meaningful change is not only possible – it is already in motion. A heartfelt thank you to our valued sponsors whose support made this celebration of empowerment possible: Nedbank, our Platinum Sponsor; SALGA, also proudly supporting our Category Awards; and our esteemed Lifestyle Sponsors — L’Oréal, Jenna Clifford, and Coca-Cola Beverages South Africa — for adding their unique touch to the evening. Congratulations to all the finalists and winners who continue to inspire, innovate, and lead the way forward.

Success, innovation and productivity: The importance of employee engagement

The importance of employee engagement

By Paula Quinsee In today’s evolving landscape, organisations are realising that success extends way beyond profits and products. A company’s true strength lies in its people, and cultivating a workforce that is not only motivated but also aligned with the organisation’s values and mission is critical to everyone’s thriving. This is where effective employee engagement and culture strategy play a key role and are drivers of productivity, innovation, and success. So how do we define an employee engagement and culture strategy? Employee engagement is a delicate ecosystem where the professional and emotional needs of employees meet the company’s goals and values. It cultivates the level of commitment, passion, and enthusiasm employees bring to their roles and is closely linked with their overall job satisfaction and well-being. Culture, on the other hand, refers to the shared beliefs, values, norms, and practices that shape the behaviours and interactions within an organisation. It’s the glue that holds a company together and guides decision-making processes at an individual, team, and holistic level. An employee engagement and culture strategy should be deliberate and embody a holistic approach to shaping these dynamics by creating an environment where employees feel connected, valued, and inspired to contribute their best work while aligning their efforts to the organisation’s purpose. So why is it important to have an intentional strategy? Employee performance and productivity Engaged employees are more productive and go the extra mile. When individuals feel that their contributions matter and their efforts are recognised, they become more invested in their work (the power of positive reinforcement) and overall success. Initiative and creativity When employees are encouraged to share their ideas without fear of criticism or intimidation, they feel empowered to be creative in their thinking. A culture that values the diversity of its people creates space for creativity and collaboration as employees work together to find solutions to challenges. Reduced turnover High employee turnover can be a huge cost for organisations and impact their growth. When employees are happy, fulfilled, and stimulated in their work environment, they are less likely to seek opportunities elsewhere. This leads to a more stable workforce, which in turn reduces churn, recruitment, and training costs. Attracting talent Organisations that attract key talent and skills by prioritising employee engagement and a positive workplace culture have a significant advantage over those that don’t. Top talent is drawn to companies that provide more than just a job, rather than a place to thrive in, which enables them to become an employer of choice. Improved relationships The way employees interact with each other, service providers, and customers is a direct reflection of their engagement levels and the culture within which they operate every day. Engaged employees are more likely to provide excellent service levels due to their positive experiences. This can lead to enhanced customer and supplier loyalty and positive word-of-mouth referrals. Aligned to the organisation’s objectives An effective engagement and culture strategy ensures employees are aligned with the company’s mission, vision, and values. When employees understand, see, and believe in the bigger picture, they are more likely to be proactive in supporting the organisation’s long-term goals. Coping with change The landscape is constantly changing, so being adaptable is crucial for individuals, teams, and leaders. A healthy culture nurtures resilience and flexibility among employees, making it easier for organisations to navigate through challenges and evolve as things change. How does one craft an effective employee engagement and culture strategy? Creating a successful employee engagement and culture strategy requires a multifaceted approach: Leadership buy-In Leadership’s buy-in and support are critical to the success of an employee’s culture strategy. Leaders need to champion the cause, actively embody the desired cultural traits, and walk the talk when it comes to participating in engagement efforts. Close the communication feedback loop. While open and transparent communication is critical every step of the way, so is closing the feedback loop by regularly and consistently giving updates on implementation and progress. Employees need to be taken on the journey by having a clear understanding of the company’s values, goals, and how their roles contribute to the bigger picture; where possible, join the dots back to their KPIs. Empowerment and growth One of the key reasons for employees leaving organisations is the lack of growth opportunities. When employees feel their work is meaningful and they have room to grow, they are more engaged. However, in today’s world, the structure of hierarchies are flatter, so there is limited room to grow upwards; therefore, organisations need to find creative ways to grow their employees outwards in their current roles. This can be done through additional responsibilities, taking the lead on special projects, and more. Recognition and rewards  Everyone wants to feel appreciated, and it’s the smallest things that can have the greatest impact. It’s not always about the money. When employees’ contributions are acknowledged, such as a job well done or a thank you for going the extra mile, it can go a long way in creating belonging and boosting morale. Work-life balance Environments that empower employees to have a healthy work-life balance and applaud well-being also prevent burnout. Flexibility in work arrangements and encouraging personal time should be key to the culture and strategy. The importance and value of having an employee engagement and culture strategy cannot be overstated; it is key to the long-term success of both employees and organisations. Paula Quinsee, is the Founder of Engaged Humans