Financial services group Metropolitan serves as a perfect mirror for those who want to understand the travails of BEE. It became one of the first mainstream corporations to flirt with BEE in the early 1990s. It landed under the control of New Africa Investments Limited (Nail). The failure by Nail to follow a definite strategic direction saw Metropolitan change BEE partners. Kagiso Trust Investments acquired 10% in 2004 and has since increased it to about 20%. The group, chaired by BEE doyen Wiseman Nkuhlu, now commands a total of 39,3% in black voting and economic rights. The board has about 50% black representation. It claims 8,7 out of 10 points in the management element of the scorecard and all 15 in employment equity.
