Over the last 7 years that I have been involved in Broad-Based Black Economic Empowerment, I have come across a number of people that have asked me the same questions. “Do you think that B-BBEE is working”? A simple question with a very complex answer. The simple fact is the Amended Codes of Good Practice and the Aligned Sector Charters were a direct result of the need to ensure that B-BBEE has a greater impact within the South African economy.
The intention of the Amended Codes was always to ensure that there is alleviation in the gap between the poorest of the poor and the richest of the rich. Within South Africa, the old Apartheid regime resulted in the restriction of meaningful participation by Black People within the South African economy. The B-BBEE Codes aims to address this by implementing certain policies and regulations to stimulate the meaningful involvement of Black people in the economy, which will then add value to ALL those living in this country.
Unfortunately, many companies have applied the B-BBEE Codes by implementing short-term solutions to a long-term problem, whether this was as a result of a lack of understanding of the B-BBEE codes or an intentional strategy, this approach not only undermines the B-BBEE Act but impacts all forms of business by creating stricter legislation at a higher cost.
Thrive Corporate Advisors, through our clients, aim to implement B-BBEE strategies that make both business sense and ensure that the spirit of the B-BBEE Act is being carried out. Our solution aims at providing our clients with technical expertise in order to make informed decisions in terms of their B-BBEE strategies. Our goal is to provide assistance to companies that we believe will add value to South Africa through the B-BBEE codes by implementing meaningful symbiotic strategies that aim to assist our clients as well as the intended beneficiary or supplier. This approach means that B-BBEE becomes a byproduct of business instead of a corporate tax to achieve points.
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.