BROAD-BASED BLACK ECONOMIC EMPOWERMENT
When the South African Government gazetted the B-BBEE Codes of Good Practice at the beginning of 2007, it made the implementation of black economic empowerment a legal reality.
This means that all government entities are obliged to use the Codes to measure B-BBEE compliance when choosing suppliers, granting licences or making concessions. In other words, they will require all their suppliers to be B-BBEE-compliant and the cascading effects thereof will make it hard for any non-compliant company to grow or maintain their level of business success in South Africa. The Department of Trade and Industry (DTI) is the driver of the BEE initiative;
But how does this affect you, as a business owner in South Africa? And how will B-BBEE compliance impact on your profitability, control of, and personal vision for, your organisation?