JSE adopts racial diversity promotion policies
Following an amendment to its listing requirements, the Johannesburg Stock Exchange (JSE) now requires all its listed companies to have a policy in place, by June 1, 2018, to promote racial diversity at board level.
The JSE initiated the proposed amendments to its listing requirements after the King IV Report on Corporate Governance was released in November 2016. The amended requirements include a policy on the promotion of racial diversity at board level, as well as the publication of a yearly compliance report, following the Broad-Based Black Economic Empowerment (BBBEE) Amendment Act, on company websites.
As such, all yearly reports issued on or after June 1, 2018 will have to comply with the required disclosure. The lead time is intended to give listed companies sufficient time to comply with the new requirement.
Publication of the yearly compliance report, pursuant to the BBBEE Act, is required from June 19, this year.
JSE corporate affairs and marketing director Zeona Jacobs said the institute strongly supports the transformation of the South African economy and believes it can contribute to this. “The exchange is committed to the transformation of our country’s capital markets. Our focus is both on transformation in how we run our own business, JSE Ltd, as well as influencing our broader ecosystem, which includes our listed companies, investors and intermediaries.”
Jacobs added that, notwithstanding these implementation dates, the JSE encouraged early implementation of the new listing requirements.
The JSE listing requirements already require companies to have policies in place and to report on those policies in terms of the promotion of gender diversity at board level – a requirement that came into effect on January 1 and was well received by listed companies.
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