Government has noted and approved the release of the revised 2012 B-BBEE Codes of Good Practice for public comment.
The purpose of the Codes are to facilitate and accelerate B-BBEE implementation. The revised Codes bring about more benefits that the current Codes didn’t have, among them;
• Broadening of designated groups under the element of Ownership equity meaning an increased emphasis on women, the disabled, the youth and individuals from underserved areas when measuring BEE implementation;
• Reduction of the Scorecard seven elements to five, therefore simplifying B-BBEE implementation for businesses;
• 100% black owned businesses will now qualify as Level 1 which serves as a great advantage for business success for black businesses which currently have been struggling to get to Level 1;
• Businesses with more than 50% black ownership will now qualify as Level 2;
• It’s now mandatory for large companies to implement three priority points namely ownership, skills development and supplier development. Should companies not meet the sub-minimum requirements for these three elements during their implementation of BEE, the stand to lose points.
Once officially gazetted by the Department of Trade and Industry, the revised Codes will be made available to the public for a 60-day public commentary process.
‘The revised Codes are an achievement for the sector as they address areas that were grey in the implementation of B-BBEE. The changes will bring about true economic participation by previously disadvantaged persons,’ said Tlhoaele, an Empowerment Expert at www.BEEandYourbusiness.com
