66 BBEE Codes has increased across the seven pillars of Black Economic Empowerment from 2011 to 201237. In 2011, BUSA commissioned a study which looked at the demographic profile and pace of transformation of JSE listed companies. The study found that out of the board positions of 2 835 executive, non-executive and independent non-executive directors of 289 companies listed on the main board of the JSE as at 23 March 2011, 6.7 % of the EAP were white males who account for:        52% of all board positions; 71.6 of executive directors; 42% of non-executive directors; 43.5% of independent non-executive directors; 51.4% of chairpersons; 76.2% of CEOs; and 75.7% of CFOs. With regard to gender equity, the BUSA study found the following:  There is a disturbingly low level of representation of all women on the boards of JSE companies, especially in the roles of chairpersons and executive directors, including CEOs and CFOs. There were 397 female directors at the time of completion of the study. The percentage of female directors was 14%. The percentage of black female directors was 10.2%. There were 67 female executive directors. The percentage of female executive directors was 7.4%. The percentage of black female executive directors was 2.4%. There were 129 female non-executive directors. The percentage of female non-executive directors was 12.9%. The percentage of black female non-executive directors was 10.2%. There were 207 independent non-executive directors. The percentage of female independent non-executive directors was 21.1%. The percentage of black female nonexecutive directors was 17.4%. There were 12 female chairpersons. The percentage of female chairpersons was 4.3%. The percentage of black female chairpersons was 3.9%. There were eight female CEOs. The percentage of female CEOs was 2.8%. The percentage of black female CEOs was 1.2% There were 27 female CFOs. The percentage of female CFOs was 10.9%. The percentage of black female CFOs was 2.8%.38        However, concerns regarding the trickle-down and ownership effects of B-BBEE persist. The perception is that the system has created a situation where the same small pool of individuals and companies from the historically disadvantaged groups are recycled in BBBEE beneficiation processes. 37 Empowerdex (2012): ‘Report 2012,’ empowerdex, Pretoria. 38 BUSA Study. 66