Tag: B-BBEE Act

The Broad-Based Black Economic Empowerment (B-BBEE) Commission’s latest report on empowerment trends shows a decrease in overall black ownership, as well as in black women ownership. The B-BBEE Commission has released its annual trends report for the 2021 calendar year.

The Financial Sector Conduct Authority (FSCA) wishes to usurp the Broad-Based Black Economic Empowerment (B-BBEE) role of the Minister of Trade and Industry, to make missing a transformation target an offence, and to make the Sector serve two masters. Yet it fails to produce even a basic Impact Assessment.

An interview with Monde Ndlovu, Head Advocacy and Thought Leadership, Black Management Forum (BMF), and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing how all stakeholders in society have a particular role to play in fusing the scientific, the craft and artistic perspectives of transformation in the South African economy.

South Africa is limp wristed from unclear definitions and objectives that are used at different moments to drive ambiguous agendas. South Africa lacks a clear definition for transformation, and thus every other organ of change abdicates their role in shaping the country in a progressive direction.

The B-BBEE commission sent an unflinching message to entities attempting to circumvent their transformation responsibilities: there is zero tolerance for entities involved in fronting and/or misrepresentation of their Broad-based Black Economic Empowerment (B-BBEE) status and such activities will lead to criminal investigation and prosecution.

We have noted the ruling by the Supreme Court of Appeal (SCA) that declared the PPPFA Regulations of 2017 invalid and confirm that the ruling has no effect on the B-BBEE Act, as amended, and its requirements. The B-BBEE Act permits organs of state or public entities to set B-BBEE qualification criteria for procurement and other economic activities and to exceed the criteria set in the Codes of Good Practice through section 9 (6) of the B-BBEE Act.

Enterprise Development is the act of investing time and capital in helping people establish, expand or improve businesses. In turn, it helps people earn a living, rise out of poverty and achieve long-term economic growth. Any business operating in South Africa today is faced with the task of addressing the B-BBEE codes, of which the largest point allocation is for Enterprise and Supplier Development.

The B-BBEE Commission announced in January 2018 that it made findings against a verification agency, SAB&T BEE Services (Pty) Ltd. It recommended remedial steps, including the issuing of a public apology and the commissioning of an independent audit of all certificates issued by the agency for 2014 to 2016.