Exceeding BEE requirements

South Africa's Black Empowerment Act stipulates that each industry must produce a charter with BEE directives and targets for that particular industry.

The Financial Services Charter, of which Sanlam is a signatory, specifies that BEE transactions should include ownership targets of 10% direct (by 2008) and 25% indirect ownership.

At the time of signing, the Ubuntu-Botho deal however has effectively given UB 12% direct ownership in and control over Sanlam, which means that the company exceeds the requirements of the charter.