Broad- Based Black Economic Empowerment (B-BBEE)
Broad-Based Black Economic Empowerment (B-BBEE) is a significant strategic issue, challenge, threat and potential opportunity facing businesses of all sizes, structures and shapes in South Africa today.
B-BEE is a government initiative to promote economic transformation in order to enable meaningful participation in the economy by black people. Essentially, the practical working of broad-based BEE (B-BBEE) requires a business to ensure that it measures its broad-based BEE empowerment status based on the Amended Codes of Good Practice.
The broad-based BEE Status of an entity is measured across the five Elements of ownership, management control, skills development, supplier and enterprise development, and socio-economic development.
There are three qualifying thresholds for businesses to determine the basis of measurement to be used in determining their broad-based BEE Scorecard status and recognition level.
The B-BBEE Scorecard is made up of the following elements:
- Ownership – measures the black ownership of the entity.
- Management Control - measures the effective governance and management control of entities by black people.
- Skills Development – measures the training and development of black people through specific types of learning programmes and learnerships which qualify when claiming points on the skills development scorecard.
- Enterprise and Supplier Development – measures procurement spend from BEE suppliers, as well as Supplier Development and Enterprise Development contributions to EME and QSE beneficiary entities that are at least 51% black owned; contributing to their development, sustainability, and financial and operational independence.
- Socio Economic Development – measures contributions contributing to socio-economic development.
Our B-BBEE Service Offering
- B-BBEE Verification
- B-BBEE Consulting
- Preparation for verification
- B-BBEE Competent Persons certificates and Joint Venture certificates
- B-BBEE strategy development, implementation and other technical services
- B-BBEE training and workshops
- Sector codes and consultation
- Public sector supply chain consulting
For more information on how leading Mazars’ experts can assist your entity with B-BBEE verification or consulting services, please view the below brochure.