South Africa remains a devastatingly, economically unequal country, with the country’s wealth and means of economic production still representative of the apartheid era, monopolised by the white minority and a significant part of black people is economically disadvantaged through generational poverty. This study followed a qualitative research method with the aim to 1) explore the effectiveness of the South Africa’s Broad-Based Black Economic Empowerment (BBBEE) system as a transformation tool for Johannesburg Stock Exchange (JSE) listed companies, 2) understand the challenges hindering the effectiveness of Broad-Based Black Economic Empowerment system, 3) establish similarities and differences between Broad-Based Black Economic Empowerment system and empowerment models of other countries through semi-structured interviews and 4) make recommendations regarding the BBEE policy to improve transformation at the JSE listed companies. A sample of 9 participants involved in the BBBEE work of JSE listed companies was interviewed using a non-probability judgemental convenience sampling method. The policy of BBBEE is as a transformational tool, good in terms of its objectives. However, the implementation of the BBBEE is ineffective, especially where it matters most, being companies listed on the JSE. The participants noted that transformation in South Africa is required. The study outlined certain factors that can contribute to the improvement of the effectiveness of the BBBEE transformation policy. The following factors such as mandatory, compliance, benefits, willingness, implementation, and commitment were noted to be contributing to the effectiveness of the BBBEE policy. Key recommendations and future research directions were also explored in this study.

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