B-BBEE Basics: What there is to know about B-BBEE

Description

In this course, we cover:

1. Why B-BBEE exists

2. Where to obtain information about B-BBEE

3. The different elements within the B-BBEE codes:

   1. Ownership

   2. Management Control

   3. Skills Development

   4. Procurement

   5. Enterprise Development

   6. Supplier Development

   7. Socio-Economic Development

There are also some tips to use in your business or work, as well as downloadable working papers for your use.

B-BBEE has been around for a very long time. Most of us have heard about it, work with it, or isaverse to it.

B-BBEE is South African-specific legislation to assist in spreading economic activity to the wider community.

The years of Apartheid concentrated power with a select few and excluded most people.

From the onset of democracy, it was important that a shift in power toward previously disadvantaged people take place.

Key portions of legislation exist:

1. Broad Based Black Economic Empowerment Act.

2. General Codes of Good Practice

3. Sector Codes

The B-BBEE Act is not forced upon us in the same way that for instance tax legislation would be.

A company can elect to take part in B-BBEE or not. What does, however, happen is that companies regulate each other. If your company is not B-BBEE compliant, it affects your client's B-BBEE scorecard, and through that they may weigh up potentially getting a compliant supplier.

In this series, we will take a high-level view of B-BBEE and break it down into all its components.

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