ARTICLE
2 February 2018

Are You Aware Of Your B-BBEE Compliance Obligations?

E
ENS

Contributor

ENS is an independent law firm with over 200 years of experience. The firm has over 600 practitioners in 14 offices on the continent, in Ghana, Mauritius, Namibia, Rwanda, South Africa, Tanzania and Uganda.
Broad-based black economic empowerment ("B-BBEE") is a policy of the South African government that is aimed at increasing participation by previously disadvantaged South Africans in economic activities.
South Africa Corporate/Commercial Law
To print this article, all you need is to be registered or login on Mondaq.com.

Broad-based black economic empowerment ("B-BBEE") is a policy of the South African government that is aimed at increasing participation by previously disadvantaged South Africans in economic activities. The Broad-Based Black Economic Empowerment Act, 2003 (the "B-BBEE Act") is the primary legislation through which this B-BBEE policy is implemented. In terms of the B-BBEE Act, B-BBEE consists of measures and initiatives that are aimed at increasing levels of equity ownership by black people in businesses operating in South Africa, increasing the numbers of black people who participate in management roles in business, improving the skills of black employees, assisting small and medium businesses that are majority-owned by black people, procuring goods and services from businesses that are good contributors to B-BBEE, and promoting corporate social investment.

The B-BBEE Act, the B-BBEE Codes of Good Practice and the B-BBEE regulations promulgated thereunder are complex pieces of legislation that are often difficult to navigate. Non-compliance with the B-BBEE regulations has significant penalties, including up to 10-years' imprisonment for fronting.

It is becoming critical for South African businesses to clearly understand the B-BBEE legislative framework and the B-BBEE requirements and obligations imposed on them.

ENSafrica's B-BBEE practice group offers various B-BBEE compliance training products and can assist South African businesses in becoming aware of the B-BBEE legislative framework and their B-BBEE obligations. These services include general B-BBEE information sessions, B-BBEE fronting training sessions and B-BBEE training to preferential procurement teams.

Please contact ENSafrica's B-BBEE practice group if you require any assistance with B-BBEE compliance.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More