Broad-Based Black Economic Empowerment (B-BBEE)
B-BBEE means the viable economic empowerment of all black people including women, workers, youth, people with disabilities, and people living in rural areas through diverse but integrated socio-economic strategies. It further aims to ensure that the economy is transformed to enable the meaningful participation of the majority of its citizens and to further create capacity within the broader economic landscape at all levels.
The Amended Codes of Good Practice has five elements – Ownership, Management Control, Skills Development, Enterprise and Supplier Development and Socio Economic Development, thus promoting the entry of black people into the mainstream of economic activity.
B-BBEE needs to be implemented to foster the objectives of the BEE Amendement Act which includes:
- increasing the number of black people that manage, own and control enterprises and productive assets;
- facilitating ownership and management of enterprises and productive assets by communities, workers, co-operatives and other collective enterprises;
- human resource and skills development; achieving equitable representation in all occupational categories and levels in the workforce;
- preferential procurement from enterprises that are owned or managed by black people; and
- investment in enterprises that are owned or managed by black people.
Subsequent to the gazetting of the Amended Codes of Good Practice, there has been a number of B-BBEE Sector Codes that have been gazetted with sector unique objectives, different elements and total scoring. Hence the Measured Entity may not always be scored in terms of the Amended Codes of Good Practice but in terms of the B-BBEE legislation that governs their specific sector.
SCORECARD POINTS FOR THE AMENDED CODES OF PRACTICE
|Management Control||19.00 points|
|Skills Development||20.00 points|
|Enterprise & Supplier Development||42.00 points|
|Socio Economic Development||5.00 points|