The proliferation of nominee companies to obscure=20 ownership continues despite the King Commission’s=20 recommendations to the contrary. “One wonders what will=20 trigger a confrontation,” says the latest edition of=20 McGregor’s Who Owns Whom.
“One hopes that the sane international norms will soon=20 replace South Africa’s obsession with secrecy,” says=20
Over the past 12 years the collective control of the=20 big four — Anglo America, Sanlam, Rembrandt and SA=20 Mutual — has increased from 64,6 percent to 76,5=20
Anglo remains firmly in first position with 40,5=20 percent of the market capitalisation. Sanlam, Rembrandt=20 and SA Mutual control 12,8 percent, 10,3 percent and=20 8,9 percent respectively. Hot on the heals is Liberty=20 Life with six percent.
Foreign control of South African shares peaked at about=20 six percent in 1986, before declining to a low of 1,9=20 percent in 1991. This followed massive disinvestment.=20 It has since picked up again, jumping by almost 50=20 percent from 2,2 percent to 3,3 percent between March=20 1994 and January this year.
“Although the disclosure of directors’ emoluments on a=20 group basis has improved, the number of companies=20 revealing their full salary and wage bill has declined=20 to a handful of making comparisons between management=20 and worker’s salary levels difficult, says McGregor.
This year’s edition includes 230 of South Africa’s=20 major unlisted companies such as the oil companies,=20 auto manufacturers, Denel, Transnet and institutions,=20 like SA Mutual and Sanlam.