South Africas department of trade and industry (dti) released the second phase of its codes of good practice to wide approval, although the new codes exempted multinational companies from having to sell equity to black people and instead emphasised the capacity building aspects of Black Economic Empowerment (BEE), according to Business Report.$$The final codes of good practice are a huge improvement on the original codes that were published for consultation. Under the codes, broad-based schemes have to comply with strict criteria for the transactions to be recognised. The new rules are an attempt to bring the rights of members of broad-based BEE schemes in line with those of shareholders in private companies. Black women executives in companies are now allocated more weighting. The codes have also clarified a contentious pension funds debate, stating that a company would not score BEE points for direct ownership by pension funds, even if members are black, it said.

De Beers, which is 45% owned by Anglo, revealed in 2004 that De Beers Consolidated Mines (DBCM), which houses its South African mines, was making a loss in five of its seven local mines, threatening 10 000 jobs. The deal was with Ponahalo, which is headed by former Northern Cape premier Manne Dipico. Other members of the consortium are DBCM board member Barend Petersen, former high commissioner to London Cheryl Carolus, businesswoman Wendy Lucas-Bull and former head of Spoornet Dolly Mokgatle.%%Staff and former staff will hold 50% of Ponahalo Investment Holdings. In the first year, Ponahalo must invest at least R10 million to create jobs and new businesses in communities affected by diamond mining. This escalates by 5% each year for the next nine years. It must also donate at least R5 million a year of its dividends to trusts for the disabled and disadvantaged women and communities over that time without escalation.