What is the aim and purpose for having the B-BBEE Act?
The B-BBEE Act, was established in response to criticism against Narrow Based Empowerment instituted in South Africa during 2003/2004. While Narrow Based Black Economic Empowerment led to the enrichment of a certain designated groups, i.e. Black African, Coloured and Indian individuals, the goal of Broad-Based Empowerment is to distribute wealth across a broad spectrum of South African society as possible.
The elements of the scorecard are as follows according to the “New Codes”:
In partnership with our Associates who are specialists in the field, we offer the following B-BBEE services:
- Assess/Analyse your current BEE status.
- Give guidance on how you can score maximum points on each of these elements.
- Design sustainable strategies and plans to improve your BEE score.
- Monitor progress on a monthly basis.
- Assist with the implementation of BEE strategies.
- Simplify the veriﬁcation process.
- Assist with ﬁle preparation for your BEE audit. Compiling all the necessary documents for each of these elements, as per the verification agency’s request.
- Provide additional assistance throughout the audit process.
- BEE Certificates can be issued by any Verification Agency, accredited by either SANAS or IRBA.
- The Certificate can only be issued once a full verification has been performed and the documentation presented by your company has been verified.
- The certificate is valid for a period of one (1) year from the date of issue and needs to be renewed on an annual basis.