The draft entitled Property Charter Draft Framework Version One and which can be read at www.propertycharter.co.za does not contain any targets, but outlines the general principles of the charter, its scope, objectives and why it is necessary.

The first draft also offers clarification on certain contentious issues raised in the media recently, including the question of whether South African companies with diversified business interests will need to comply with the property charter, as well as with the charter that governs their main area of focus.

Andy Tondi, chairman of the executive committee of the property sector transformation charter committee, reiterated his earlier statement that the committee hoped to have targets ready by April next year.

The committee represents the private sector and government through representation by the public works department. Private sector representation includes the South African Institute of Black Property Practitioners, commercial property association Sapoa, the Women's Property Network, the Estate Agency Affairs Board, the South African Black Technical and Allied Career Organisation, the South African Council of Shopping Centres, the Institute of Estate Agents of SA, the South African Institute of Valuers and the South African Facilities Managers Association.

The first draft of the property charter, which is expected to be ready by the middle of next year, said that each company or group that subscribed to the charter would have to submit an annual black economic empowerment report which has to be verified by an accredited agency.

It said the report would also contain the company's scorecard and an account of progress in achieving the qualitative undertakings of the charter.

It also said that companies that fell within a group bound by another charter would be bound by the requirements of the property charter if the primary business of the company within the group was in property.