Revised B-BBEE Codes of Good PracticeDate posted: 18.10.2013 | Author: Denis Stupan
The Minister of Trade and Industry, Dr Rob Davies, has announced the release of the revised B-BBEE Codes of Good Practice 2013. He argues the refined codes symbolise a new beginning in the re-orientation of the transformation policy to focus more on productive B-BBEE and growing effective black owned enterprises.
According to Davies, key areas of the amended Codes include the generic scorecard consolidated into five elements and aligned to government’s key priority programmes.
The points for ownership have been broadened to include designated groups in the main points and thresholds for Exempted Micro Enterprises (EMEs) and Qualifying Small Enterprises (QSEs) have been adjusted. All companies, except Exempted Micro Enterprises, will be required to comply with the five elements of the B-BBEE scorecard:
- Management Control
- Skills Development
- Enterprise and Supplier Development
- Socio-Economic Development
EMEs and QSEs that are at least more than 51% owned by black people will qualify as a level 2 contributor; and those that are 100% black-owned will qualify as Level 1.
A 12 months transitional period from today has been granted, during which the country is provided with opportunity to align and prepare for implementation of the revised codes.