Update on Revised BBBEE Codes for Public comment

Posted by Transcend
Thursday, 30 August 2012  |  Comments

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The dti has announced the approval of the Revised BBBEE Codes of Good Practice by Cabinet

Clicke here to download the extract from the meeting held in Parliament on the 21st of August 2012.

In conversations with the dti, the dti confirmed that the draft codes will be released publicly for comment in the next two weeks.

Transcend will be running morning sessions on the revised changes for public comment in jHB, Durban and Cape Town. (NB. Please advise us if you are interested in attending and we will notify you of these session)

The important points to note are as follows:

• 40% sub-minimum requirements introduced for the elements of Ownership, Skills Development and Supplier Development. Failure to comply with each of these requirements will cause a drop in Level Contributor Status.
• There are now 5 elements on the BBBEE Scorecard comprising Ownership, Employment Equity, Skills Development, Supplier Development and Socio Economic Development Employment. The Enterprise Development and Procurement elements have been consolidated, and Management has been included in the Employment Equity
• The ownership element has been broadened to include broad based groups and new entrants;
• Employment equity is brought in alignment with the EE Act
• Large companies and QSEs are required to comply with all 5 elements of the scorecard;

This will have a significant impact on your companies BBBEE scorecard, and we request our clients that wish to understand and model these impacts on their BBBEE Scorecard to contact Transcend immediately.
 

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