BUSINESS DAY Page 2
BEKEZELA PHAKATHI Political Staff CAPE TOWN — Fronting continues to significantly dampen the advancement of broad-based black economic empowerment, National Empowerment Fund CEO Philisiwe Buthelezi said in its 2010-11 annual report tabled in Parliament last week. Ms Buthelezi suggested the formation of a well-resourced and funded empowerment commission along the lines of the Competition Commission to monitor and enforce provisions of the law. Fronting has largely been blamed for slowing efforts to change racebased ownership patterns in SA's business sector. Earlier this year the Department of Trade and Industry hinted that empowerment legislation would be strengthened to clamp down on fronting.