Tag: Broad-Based Black Economic Empowerment (B-BBEE)

South African companies are stepping up as global procurement increasingly pivots toward environmental, social and governance (ESG) priorities. Procurement goes green as several firms set the pace for eco-conscious sourcing and operations.

If you spend your days inside Broad-Based Black Economic Empowerment (B-BBEE) transactions like I do, you will know the story by heart. Good businesses try to do the right thing by becoming sound empowerment partners. Then the deal stalls on one thing: money that is either too expensive, too risky or simply unavailable.

For many companies, transformation requirements such as Broad-Based Black Economic Empowerment (B-BBEE), compliance still feel like an administrative burden. However, the Youth Employment Service (YES) initiative challenges that perception. It goes beyond compliance by offering a practical and cost-efficient tool for business growth and flexibility.

South Africa stands at a pivotal moment. Two months ago, the Department of Trade, Industry and Competition (DTIC) unveiled a draft Transformation Fund Concept Document. This announcement sparked a bold conversation about the future of Broad-Based Black Economic Empowerment (B-BBEE).

Employment equity compliance is a crucial aspect of fostering diversity and inclusion, ensuring businesses adhere to regulatory requirements while promoting equal opportunities. In today’s competitive business landscape, fostering a diverse and inclusive workforce is a strategic advantage. It isn’t just a regulatory requirement.

The Harvard Business Review describes the secret of corporate success as "human magic". Unlocking employee potential is a culture where people thrive. This culture allows ambitions, passions and commitments to translate into productivity, results and shared growth.

The recent gazetting of the Legal Broad-Based Black Economic Empowerment (B-BBEE) Sector Codes of Good Practice (LSC) occurred on September 20, 2024. This is a significant milestone for the transformation of the legal profession in South Africa. It marks a pivotal moment, aligning with the nation’s constitutional commitment to equitable economic participation.

In South Africa, businesses are required to contribute to the social and economic development (SED) by the Broad-Based Black Economic Empowerment (B-BBEE) Act of 2003. This legislation stipulates the assessment of SED performance through a scorecard covering enterprise development, skills training, job creation, socio-economic projects, and preferential procurement.

In a significant move towards enhancing efficiency, transparency, and accountability in public procurement processes, the gazetted Public Procurement Act of 2024 (Act) aims to revolutionise the way government entities engage in procurement activities.

Skills development in the form of learnerships is an essential element of the Broad-Based Black Economic Empowerment (B-BBEE) scorecard, accounting for a significant portion of the score for large enterprises in particular. However, not all businesses have the capacity, availability, or ability to take on sufficient learners to meet their obligations.