Manuel slams black 'elitists'
Matome Sebelebele
4 November 2004
Finance Minister Trevor Manuel has slammed some of SA's black business bigwigs for perpetuating "elitism and individualism" at the expense of genuine empowerment and transformation of the economy.
Speaking at the Association of Black Securities and Investment Professionals (ABSIP) annual awards ceremony in Midrand on the weekend, Manuel said black businessmen ought to ask themselves if they understood the principal goals of the government's economic policies.
"Ladies and gentlemen, each ABSIP member should ask themselves, what have I done to promote this objective? And what do we understand by the term 'transformation and empowerment'?
"Have we achieved true transformation and empowerment if lucrative deals are structured that add to the boundless wealth of an elite few, while leaving the plight of the majority unchanged?", Manuel asked.
"Does job-hopping in the pursuit of stellar salaries help or hinder this objective? What is
the cost in terms of building solid expertise and capacity to guide our industry now and into the future?"
The former trade unionist and political activist urged business executives "to move beyond individualism ... beyond procuring the highest salary we can, at possibly the expense of others, our own experience, and ultimately the society in which we live.
"Many top executives are earning in a year what it takes the average worker a lifetime to earn", Manuel said. "How sustainable is transformation on the back of such disparity?"
The ABSIP awards showcase and celebrate black talent in financial services.
The association, which was formed nine years ago to address the lack of black professionals in the securities and investment industry, provides a platform to address the aspirations of those already in the industry and acts as a forum for black professionals to exchange information and ideas.
Source: BuaNews
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