Global is definitely lekker. A glance at any ranking of SA's leading companies - by turnover, assets, profitability or market capitalisation - will reveal that the top few places are occupied by those that play on the world stage. Most of those challenging for their positions are also increasing their international footprint.

Of the top 10 in our listing of SA's corporate giants by turnover, six derive at least a third of their revenue offshore. As one moves further down the ranking that diminishes, though of the top 20 at least half can rightly claim to be truly global and are among the leaders in their field.

This sense of patriotic pride is only slightly diminished when many of these companies are frequently referred to by the international media as British (SABMiller, Old Mutual, Anglo American), Swiss (Richemont) or even, heaven forbid, as Australian (BHP Billiton). It is no coincidence that the most global of SA companies have dual listings - anyone with a sense of the international global landscape will realise the need for having a dual listing, or even a primary offshore domicile, to attract the international investors necessary to fund expansion.

Though many may dispute the SA status of companies such as BHP Billiton, SABMiller or Richemont, not only do they retain a listing on the JSE, they also still have a sizeable exposure to the local operation.

The offshore drive has picked up significant momentum over the past three years with a strong rand making funding that much easier. But it has also come at a time when SA's government has become a lot more prickly about corporate activities. As recently as 1999 President Thabo Mbeki urged Africa to embrace corporate globalisation and not to resist it at every turn. That tune has changed over the past few years. Last year Brian Molefe, the CEO of the state pension fund manager, the Public Investment Corporation, asked for the debate to be reopened on the merits of allowing SA companies to list offshore. With empowerment topping the list of government's economic priorities, SA companies are being forced to focus much of their attention on local issues.

It's a tricky balancing act for SA's global leaders. Anglo American, the second-largest company ranked by turnover, is a case in point. CEO Tony Trahar inevitably has to massage his message depending on his audience. Global investors and fund managers want to hear what he is doing about reducing the dependency of Anglo's earnings on its SA operation - about 37% of Anglo's profits still derive from SA.

In SA, on the other hand, he plays the patriotic card, pointing out that its investment in the country will be more than half of Anglo's US$10bn-15bn project pipeline over the next 10 years. Having been tongue-lashed by Mbeki over his comments on empowerment two years ago, Trahar is even more sensitive about promoting Anglo's local credentials.

Sasol - the FM's No 5 - is another company that is stressing its SA roots while embarking on an ambitious international growth strategy around its unique synthetic fuel technology. For Sasol this is even more sensitive, as it was owned and funded by government in its first 25 years and heavily subsidised thereafter. So when CEO Pat Davies talks about Sasol's offshore drive, he talks about a unique African technology that is leading the next wave in manufactured fuels. Not surprisingly, Sasol too was given a dressing down by Mbeki for terming empowerment risky.

As the world's largest resources group, BHP Billiton is an out-and-out global player whose dependency on SA operations has been reduced, since it was formed when Gencor merged with Billiton in the 1990s. More so than Anglo, it has benefited from a larger exposure to base metals, such as copper and aluminium, which have found ready markets and steep prices in China. Its exposure to oil and gas exploration at a time of record oil prices also helps.

Undoubtedly SA's most successful global players are those that have made inroads into emerging markets, where they have utilised the experience gained in the SA market to good effect. Two companies stand out in this respect, MTN (No 19 on our list) and SABMiller (No 3), though Naspers (No 30) and Shoprite (No 18) also have significant exposure to emerging markets.

SABMiller's rise from its SA base to becoming the world's second-largest brewer, and the largest Coke bottler outside the US in a mere decade, is the ultimate of global success stories by a local firm. SABMiller now operates in more than 60 countries and last year alone announced eight deals to either establish or expand emerging market divisions, including the US$8bn purchase of South America's second-largest brewer, Bavaria of Colombia. With the exception of Miller of the US, all its important operations are in developing markets.

The secret of its success can be traced back to its SA roots. Locally nurtured managers are employed in key positions around the world to transfer the "SAB way" to all its operations. "The group produced the template in SA and then rolled it out," is how Julian Wentzel of First South Securities described it recently.

MTN's portfolio of countries would make most investors cringe, were it not for the cellphone company's proven track record in countries considered to be operationally difficult, chief of which is Nigeria. Following last year's successful bid for a cellphone licence in Iran and the $5,5bn acquisition in May of Lebanon's Investcom, MTN now has exposure to such hot spots as Sudan, Afghanistan, Syria, Yemen and Iran. Not for the fainthearted, but investors appear confident that - using its SA experience - MTN will not only make that area work but will profit from it.

By rewarding companies like SABMiller and MTN, investors are signalling that they view an increasing global footprint as a must for SA's corporate giants. Local laggards, such as most of SA's retail and financial services companies as well as some industrial firms such as Barloworld, should take note.