The ownership element remains one of the most significant contributors to a company’s broad- based black economic empowerment (BEE) scorecard. Under the generic Codes of Good Practice on Broad-Based Black Economic Empowerment (BEE Codes), ownership covers three main sub-components:

• exercisable voting rights;
• economic interest (being a right akin to dividends); and
• net value (i.e. the value

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