What is B-BBEE? B-BBEE is Broad Based Black Economic Empowerment (BEE) it is a national transformation programme of which was launched by the Government in aid of giving previously disadvantaged groups the chance to gain economic opportunities that were previously unavailable to them. These include Ownership, Management, Employment Equity, Preferential Procurement, Enterprise Development, Skills Development and Socio Economic Development.
- Q. How does the BEE work?
- A. The BEE scheme is underpinned by the Broad-Based Black Economic Empowerment Act 2003. Compliance with BEE principles is regulated by the Codes, which provide details on how BEE should be implemented. Companies must also be aware of Sector Codes, which are an extension of the Codes, but apply within a specified industry sector only.
- Q. Is it Mandatory?
A. No it’s not mandatory to get a verification agency to audit your BEE Scorecard. However it is a requirement to have required documentation or evidence to score any points. SANAS (South African National Accreditation System) has been mandated with accrediting the Verification Agencies. This accreditation has been put in place in order to ensure the consistency of the independent verification of B-BBEE contributions.