TITLE

New rule raises stakes for minority shop owners

AUTHOR(S)
Podmolik, Mary Ellen
PUB. DATE
February 2000
SOURCE
Advertising Age;2/28/2000, Vol. 71 Issue 9, p34
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports on the establishment of the certified minority-controlled company category by the National Minority Supplier Development Council in the U.S. on February 1, 2000. Under the new classification, an ethnic agency certified as minority-controlled can sell as much as a 70-percent ownership stake as long as 51 percent of the voting stock, daily management control and the majority of board seats remain in the hands of minorities. Corporations are not required to use minority vendors but public companies that answer to shareholders have faced increasing scrutiny on whether they are awarding business to minority companies.
ACCESSION #
2841522

 

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