Cabinet approves BBBEE amendment bill

Posted by Transcend
Tuesday, 14 August 2012  |  Comments

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The amendments seek to establish a B-BBEE Commission to deal with compliance in broad-based black economic empowerment; the promotion of compliance by organs of state and public entities and to strengthen the evaluation and monitoring of compliance as well as the provision for offences and penalties, among others.

Last month, Trade and Industry Minister Rob Davies said points would be deducted from companies that did not invest in skills and supplier development in terms of the Black Economic Empowerment (BEE) Act.

The B-BBEE Amendment Bill aims to align the B-BBEE Act with other legislation impacting on black economic empowerment. It was gazetted in December 2011.

Additionally, Cabinet - following its fortnightly meeting - announced the approval of the Special Economic Zones (SEZ) Bill, 2012 for submission to Parliament.

SEZs are designated geographical areas aimed at attracting focused domestic and foreign investments.

The bill provides for the designation, development, promotion, operation and management of SEZs; the establishment of a SEZ Board and regulating the application and issuing of SEZ operator permits to persons wishing to develop and operate a SEZ.

The dti earlier this year held countrywide public hearings into the bill, gazetted by Minister Rob Davies for public comment in January.

Meanwhile, Cabinet also noted the resolutions taken at the Presidential B-BBEE Advisory Council meeting on 3 April 2012.

The Council is an advisory body whose resolutions are tabled in Cabinet for noting or for decision where resolutions taken materially affect policy, the budget, or address the implementation of existing policy.

Cabinet noted that preparations for a B-BBEE Summit were underway.

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