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The major sectors of the South African economy are governed by sets of rules known as charters which establish specific objectives for Broad-based Black Economic Empowerment (BBBEE) in terms of the BBBEE Act 53 of 2003. Section 12 of that Act established the Financial Sector Charter which applies to banks, insurance companies, retirement pensions and collective investment schemes brokerage and financial intermediation, investment management and underwriting. It was the result of negotiations between National Economic and Development Council (NEDLAC) and the financial services sector. The charter establishes codes to ensure a move towards the inclusion of previously disadvantaged people through ownership of equity in corporations in the financial services sector, employment in that sector and access to finance from that sector. Essentially, like all attempts to legislate to redress the wrongs of the apartheid system, this charter constitutes an interference in the operation of the free capitalist system in the hope that greater inclusion will ultimately result in a more equitable and even a more productive society. All JSE-listed companies in the financial services sector are subject to its requirements.

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