A fronting practice is defined in the Broad-Based Black Economic Empowerment Act 53 of 2003 as amended (the “BBBEE Act” or the “Act”) as: “a transaction, arrangement or other Act or conduct that undermines the achievement of the objectives of the Act.” Section 1(c) of the Act, refers to the “conclusion of a legal […]
Broad Based Black Economic Empowerment Advice and Planning
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Amendments to BBBEE – skills development, a response to #FeesMustFall?
Amendments to the general codes of good practice will become effective on 1 December 2019. It is important to understand that this is effective on that date, regardless of the financial period being verified. The biggest changes are under the skills development scorecard, where the target for skills spend (equivalent to 6% of salaries bill) […]
The ICT BBBEE Code – What you need to know!
Introduction The Minister of Trade and Industry gazetted the Information and Communication Technology’s (“ICT”) Sector Code for black economic empowerment (“BEE”) in terms of Section 9(1) of the Broad-Based Black Economic Empowerment (“BBBEE”) Act 53 of 2003 as amended, on 6 June 2012. At this stage, this ICT Sector Code (“Code”) is legally binding on entities in the […]
BBBEE Compliance in Multinationals
Introduction In April 2015, the revised Broad-Based Black Economic Empowerment (“Generic BBBEE Codes” or “Codes”) Codes came into operation (“new codes”) thereby replacing the existing BBBEE Codes of Good Practice (“old codes”). Since the change, compliance has become particularly challenging for most local operations. Even more so, in the case of foreign operations, who have […]
BBBEE Compliance: The Construction Sector Code – What you need to know
Introduction In October 2013, the revised Broad-Based Black Economic Empowerment (“Generic BBBEE Codes” or “Codes”) Codes were gazetted by the Minister of Trade and Industry (DTI). In April 2015 these (new) Codes came into operation (“new codes”) thereby replacing the existing BBBEE Codes of Good Practice (“old codes”). The Construction Codes became effective about a […]
