The publication of the Draft Broad-based Socio-Economic Empowerment Charter for the Mining and Minerals Industry, 2018 (Draft Mining Charter 2018) on Friday, 15 June 2018 came in the wake of the widely-criticised Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and Minerals Industry on 15 June 2017 (Mining Charter 2017).
It is all systems go for a new digital financial reporting system for CIPC, iXBRL, planned for roll out on 01 July 2018. This new annual financial statement reporting system is linked to a bigger project of standardising business reporting across the country, where entities can ‘report once and reports shared more than once’ with other regulators.
Procurement fraud can be committed by employees acting alone or in collusion with vendors. While fraudulent activities between suppliers/vendors and employees are not uncommon, these transactions are unacceptable as they create a host of challenges to the business if allowed to continue under the radar.
Every successful business reaches a stage where it has to choose its growth path. Either you grow organically, using operational capital as and when it’s available or you use growth capital in order to scale up faster. If you are considering the fundraising route, there are a number of things you need to nail in order to be funding ready.
Africa has a higher percentage of companies affected by fraud, theft, money laundering or other financial crimes than the global average, according to one of the most comprehensive surveys of international business to date. Thomson Reuters commissioned the survey of more than 2,300 senior business leaders in large companies to shine a light on how pervasive such crimes have become across the world.
Most modern, well-governed organisations are acutely aware of the need for their businesses to be run in an ethical and socially-conscious manner and for this ethos to be communicated to their stakeholders.
If you consider that there have been many grey and confusing areas in-relation to BBBEE since the publication of the first Scorecard in 2003, and then compounding the ambiguity with the publication of the second Scorecard in 2013, these latest amendments in 2018, clarify a number of issues and also create a number of opportunities for BBBEE participating companies.