The adoption of the Broad-Based Black Economic Empowerment (B-BBEE) Amendment Bill will streamline the monitoring and evaluation of empowerment, says the Department of Trade and Industry (dti).
In a statement on Tuesday 12 November, the dti said that the National Assembly had adopted the B-BBEE Amendment Bill 2012, and will send it to President Jacob Zuma for assent.
The bill enhances and amends the B-BBEE Act No 53 of 2003.
“The proposed amendments to the B-BBEE Act intend to achieve key strategic objectives, amongst others, to align the B-BBEE Act with other legislations impacting on B-BBEE and with the Codes; establishment of the B-BBEE Commission; provide for the regulation of the verification industry by the Independent Regulatory Board of Auditors; and deal with non-compliance and circumvention by, inter alia, introducing offences and penalties” said Trade and Industry Minister Dr Rob Davies.
The B-BBEE Commission, which is proposed in the amendment bill, will play a critical role including, but not limited to, overseeing, supervising and promoting adherence with the B-BBEE Act and Codes of Good Practice, in the interest of the public.
It will also strengthen and foster collaboration between the public and private sector in order to promote and safeguard the objectives of B-BBEE.
Davies said that the proposed B-BBEE Commission will ensure that BEE activities in the country are aligned.
He added that the bill did not leave room for fronting, as those who are involved in fronting and convicted may be imprisoned for 10 years.
“The bill introduces offences of the following acts of fronting, which include misrepresenting or attempting to misrepresent the B-BBEE status of an enterprise; and providing false information or misrepresenting information to the verification personnel in order to secure a particular B-BBEE status, among others.
“Any person convicted of an offence, in terms of the bill, is liable to a fine or to imprisonment for a period not exceeding 10 years or to both a fine and imprisonment.” – SAnews.gov.za