Commission releases annual report on B-BBEE trends

The Broad-Based Black Economic Empowerment (B-BBEE) Commission has released its annual report on the national status and trends on B-BBEE for the 2019 calendar year.

The Commission said that the report shows a 1% (43%: 2018 – 42%: 2019) decrease in the number of submitted compliance reports by JSE listed entities.

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In the News: Employment Equity Amendment Bill to bring about real transformation

On Tuesday, 18 February 2020, Cabinet announced its approval of the Employment Equity Amendment Bill 2020, to be submitted to Parliament. As the Bill makes its way to Parliament for deliberation, the Department of Employment and Labour has set the ball in motion for the introduction of sector-specific Employment Equity numerical targets. Read the full article in SA News.

Click here for Government Gazette Notice. Download the Draft Public Procurement Bill here.

Financial Services Industry faces possible penalties

According to the B-BBEE Commission’s Zodwa Ntuli an analysis of compliance reports submitted by JSE-listed companies indicates that the financial sector is regressing in ownership and management control. These companies could face possible penalties for non-compliance.

Read more here.

Revised CA Sector B-BBEE Code Draft published

The Department of Trade and Industry, has gazetted the revised Chartered Accountancy Profession B-BBEE Sector Code (CA Charter) for public comment. The aim of the revised code is to empower and grow the number of Black people in the chartered accountancy profession.

Revisions to the Code include drastic changes to the skills development element.

Individuals who want to comment on the new CA Charter, should e-mail the DTI (for the attention of Sipho Solfafa) at cacode@thedti.gov.za by no later than 26 June 2019.

See full CA Charter here.