South Africa

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Apartheid’s legacy is one of gross inequality in South Africa. One effect was that by 1994, ownership of local corporates lay largely in the hands of the white minority, which makes up less than 10% of the country’s population.

Attempts to put more South African companies in black ownership have become known as Black Economic Empowerment (BEE) – officially codified by the BEE Act in 2003. While BEE may not have been universally successful in generating broad-based black equity ownership, it has

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