On 27 January 2014 the President of the Republic of South Africa assented to the Broad Based Black Economic Empowerment Amendment Act 46 of 2013 (‘the Amended Act’), issued under Government Gazette No. 37271. The Amended Act has drawn various reactions as some criticised its interference with businesses while others welcomed it with open arms. There are not really any material differences in comparison with the Amendment Act and the Broad Based Black Economic Empowerment Amendment Bill, which was issued for comment in 2012 (‘the Amendment Bill’).
The Amendment Act does, however, provide for changes in terms of the principal Act, the Broad Based Black Economic Empowerment Act 53 of 2003 (‘the BBBEE Act’). One of the purposes of the Amendment Act is to amend the BBBEE Act and to strengthen the evaluation and the monitoring of the compliance therewith.
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