Revised BEE codes update

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Monday, 2 September 2013  |  Comments

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Democratic Alliance (Cape Town)

South Africa: Black Economic Empowerment - DA to Push for Truly Broad-Based Approach

1 September 2013

press release

The DA has been informed by the Department of Trade and Industry (DTI) that its final version of the Broad-Based Black Economic Empowerment (B-BBEE) codes will be tabled in Parliament by the end of next month.

In June this year the DA voted in support of the B-BBEE Amendment Bill in Parliament. We did so based on our deep-rooted belief that we have to nurture genuine non-racialism on the basis of reconciliation and redress of Apartheid's dispossession of so many South Africans.

At the time we noted that the challenge with the Bill is to ensure that the Empowerment Scorecard contained in the codes drives genuine broad-based empowerment and prevents re-empowerment of the already enriched.

We need Black Economic Empowerment that helps more people gain access to the skills, jobs and other economic opportunities they need to get ahead in life. The truth is that not enough people are benefiting from BEE. We need to change that.

When the codes are tabled in Parliament next month, the DA will push for truly broad-based economic empowerment in order to allow for more South Africans to benefit from B-BBEE by calling for the following:

To qualify for points, B-BBEE deals must result in job creation;

It must be made easier for SMMEs to comply with the B-BBEE codes;

Shares in the country's State Owned Enterprises (SOEs) to be distributed to poor South Africans;

Exemption from income tax, any profit from B-BBEE employee share schemes;

Greater recognition for economic interests held by black South Africans through employee share ownership schemes or broad-based schemes; and

The introduction of an employee bonus scheme for unlisted firms that replicates existing share incentive regime for listed entities.

Parliament now has an opportunity to ensure that B-BBEE works for all the people of South Africa - expanding opportunities and creating jobs.

We will do whatever we can to ensure South Africa succeeds in creating broad-based opportunities for all.

Wilmot James, Shadow Minister of Trade and Industry

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