NEWS24 / 26 OCTOBER 2019 - 09.55 / CARIN SMITH
The need for transformation in the property sector is best understood by the need of economic transformation generally of the country and overlaying the same need in the Property Sector with is unique context, according to Portia Tau Sekati, CEO of the Property Sector Charter Council (PSCC).
"Despite significant progress since the establishment of a democratic government in 1994, South African society, including the property sector, remains characterised by racially based income and social services inequalities," she tells Fin24.
"Despite legislative and policy interventions to eradicate these inequalities, in practice there are skewed patterns of ownership, control and management. This is specifically limited in terms of black and black women participation."
The PSCC, therefore, provides a framework and establishes the principles upon which B-BBEE will be implemented in the sector. The PSCC is one of the 12 sector councils recognised by the Department of Trade and Industry (dti) in terms of the BBBEE act.
The PSCC strives to achieve its mandate through the development of Property Sector Code (PSC) legislation in terms of B-BBEE to create a conducive environment and to enable transformation of the property sector.
The council furthermore, reports on transformation progress of the property sector on an annual basis.
"Where the sector has not achieved its targets as set out in the PSC, the PSCC must identify obstacles and support in developing specific intervention solutions inhibiting transformation whilst it encourages, support and where possible facilitate the implementation transformation in line with the Sector Code targets," explains Tau Sekati.
In addition, there are other roles and strategic projects that it PSCC has identified and do that assist in order to achieve the above mandate.
"There are a vast number of challenges of the council - the main ones being around achieving transformation of the property sector as captured in the PSC and other operational issues to support its mandate and purpose as captured above," she says.
"There has also been a vast number of achievements by the council that has enabled it to be where it is today."
A main finding of the 2019 State of Transformation Report is that the property sector had a level 5 B-BBEE Recognition level.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER