Tag: B-BBEE compliance

Since President Ramaphosa signed the Employment Equity Amendment Bill into law on 12 April 2023, there has been significant commentary - from positive to strongly negative - of the impact the amendments may have. Much of it has referred to Broad-Based Black Economic Empowerment (B-BBEE) changes when there have in fact not been any amendments in terms of B-BBEE.

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.

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.

Youth unemployment is a national crisis affecting millions of South Africans. According to Stats SA, the burden of unemployment is concentrated amongst the youths (aged 15-34 years) as they account for 63,4% of the total number of unemployed persons in 2019.