The Department of Trade and Industry has extended the transitional period for the revised Broad-Based Black Economic-Empowerment (B-BBEE) codes of good practice up to April 2015.
The transitional period had beenscheduled to continue for oneyear ending on 10 October 2014.The codes were published on 11 October 2013 and reduce the scorecard components from seven to five.
The following persons will be subject to measurement under the final codes:
- All organs of state and public entities; and
- Natural or juristic persons who conduct a business, trade or profession in South Africa, which undertakes any economic activity with organs of state or public entities.
The generic scorecard in the codes states that all enterprises will be measured in terms of the following five B-BBEE elements:
- Management control;
- Skills development;
- Enterprise and supplier development; and
- Socio-economic development.
Enterprises are advised to begin planning for their compliance with these codes before they come into force.
Written by Molisa Cheda.