Development of Legislation
The Broad-Based Black Economic Empowerment Bill along with the BEE strategy document of South Africa serves as guideline and driver for developing Codes of Good Practice that describe measurement criteria, targets, audit requirements and definitions for each of the 7 pillars in detail. Additional Codes of Good Practice have also been released with regards to complex structures, broad-based ownership schemes, fronting practices and verification agencies.
The codes are developed by the BEE task team set up by the South African Department of Trade and Industry (DTI) and comprises individuals representing various areas: private and public sectors, various industries, research and BEE measurement etc. They are Cyril Ramaphosa, Saki Macozoma, Derek Cooper, Patrice Motsepe, Gloria Serobe, Danisa Baloyi, Buhle Mthethwa, Vuyo Jack, Ronnie Ntuli, Loyiso Mbabane, Imogen Mkhize, Alan Hirsch, Philisiwe Buthelezi and Lionel October.
Companies in South Africa that deal with the government or parastatals must be empowered as required by the Preferential Procurement Act. In return, these companies require their suppliers to be empowered to improve their rating at government. Thus Broad-Based Empowerment is driven down the supply chain. Various other legislation supports the BEE effort, including the Skills Development Act and Employment Equity Act.
Read more about this topic: Broad-Based Black Economic Empowerment
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