ENSafrica January 31, 2018 - South Africa Are you aware of your B-BBEE compliance obligations? by Sanjay Kassen Broad-based black economic empowerment (“B-BBEE”) is a policy of the South African government that is aimed at increasing participation by previously disadvantaged South Africans in economic activities. The Broad-Based Black Economic Empowerment Act, 2003 (the “B-BBEE Act”) is the primary legislation through which this B-BBEE policy is implemented. In terms of the B-BBEE Act, B-BBEE consists of measures and initiatives that are aimed at increasing levels of equity ownership by black people in businesses operating in South Africa, increasing the numbers of black people who participate in management roles in business, improving the skills of black employees, assisting small and medium businesses that are majority-owned by black people, procuring goods and services from businesses that are good contributors to B-BBEE, and promoting corporate social investment.
|