The DTI has released Gazette 41546 for Public Comment. The document makes changes to the Amended Codes of Good Practice, which if implemented will most likely also be introduced to sector specific legislation.
The purpose Gazette introduces the below major challenges:
- Introduction of the Y.E.S initiatives which allow entities to obtain enhanced B-BBEE Recognition Levels where youth employment specified targets have been obtained;
- Entities with over R50 million turnover with Black Ownership of 100% or using 51% using direct flow through can obtain an immediate Level 1 or 2 respectively;
- The introduction of the audit methodology to be used for Unincorporated Joint Ventures; and
- A new indicator for Skills Development – Spend on Bursaries for Black People at Higher Education Institutions.
Thrive Corporate Advisors have summarized the proposed Gazette:
Need further information?
Please contact Thrive Corporate Advisors. Thrive Corporate Advisors, through our clients, aim to implement B-BBEE strategies that make both business sense while ensuring that the spirit of the B-BBEE Act is being carried out. Our solution aims at providing our clients with technical expertise to make informed decisions in terms of their B-BBEE codes by implementing meaningful symbiotic strategies that aims to assist our clients as well as the intended beneficiary or supplier.
Thrive Corporate Advisors is a Broad-Based Black Economic Empowerment (“B-BBEE”) consulting and advisory firm which assists the corporate sector with all aspects of B-BBEE legislation.