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Broad-Based Black Economic Empowerement
B-BBEE Overview
What is B-BBEE?
Broad-Based Black Economic Empowerment (B-BBEE) is a South African legal legislative framework transformational policy which aims to redress the inequalities of the past and advance the South African economy, by increasing the participation of black people (African, Coloured and Indian people who are South African citizens) in the management, ownership and control of the country’s economy. The B-BBEE act of parliament was amended and became operational from October 24th, 2014. B-BBEE Compliance is regulated by Codes that provide a clear framework on how B-BBEE should be measured and implemented. There are 5 elements where entities earn points on a scorecard, based on their level of compliance:
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Who must comply?
All organizations of state and public entities, as well as private enterprises conducting business with organizations of state or government. There is no penalty for non-compliance, but it shows commitment to transformation. It is therefore important that your organizations B-BBEE compliance strategy is authentic, sound and embodies the spirit of the B-BBEE legislation.
Why is it important?
B-BBEE was created with the INTENT to Boost economic empowerment, Equalize job opportunities and Level the economic playing field.
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The B-BBEE Levels Explained
The procurement percentage allocated at each level translates into how much a company's spend will be allocated to its target B-BBEE preferential procurement spend. For example, for every R1.00 our customers spend with a Level 1 B-BBEE contributor they can claim R1.35 against their own preferential procurement scoring.
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What does Level 1 mean?
The B-BBEE Certification means that we can deal with entities in the public and private sector seeking to work with Level 1 Suppliers. Being a Level 1 B-BBEE contributor benefits both our clients and suppliers financially and in turn improves their own B-BEE scores. As a niche business advisory company, we understand that we have a key role to play in the growth of our client's businesses creating real socio-economic upliftment and skills transfer.
Our Level 1 B-BBEE contributor status demonstrates our commitment to the transformational landscape in South Africa and making real socio-economic impact. We care about our employee's growth and our Level 1 status symbolises this.
