03 April 2009
	SECTOR: Financial services 10 - FirstRand Income from ops: R39bn (Jun 08); Total BEE score: 75,5%; Ownership : 17,9; Pref proc: 16,9

The performance of financial services groups like FirstRand makes nonsense of the brawl in the financial sector charter council. The fracas over targets has caused delays in passing the financial sector charter. FirstRand ventured into the BEE arena in a big way back in 2005 when it transferred 10% of its shares to a broad-based BEE consortium. The consortium is made up of prominent BEE players including Women's Development Bank Trust, the Mineworkers Investment Trust and the Kagiso Trust. Currently, black voting and economic interests stand at 18,7%. The board has since evolved to include people like Sizwe Nxasana and Paul Nkuna. FirstRand has 60% of the BEE funding market.