Understanding BEE

The Broad-Based Black Economic Empowerment Act 53 of 2003 contains the Codes of Good Practice that when followed will result in Broad-Based Black Economic Empowerment (BBBEE). A company's compliance and status is measured in terms of the following seven elements:

1. Ownership Who owns your business?
2. Management Control Who controls your business?
3. Employment Equity Who works in your business?
4. Skills Development Who is trained by your business?
5. Preferential Procurement Who does your business make purchases from?
6. Enterprise Development What efforts does your business make to develop enterprises external to itself
7. Socio Economic Development Contributions What contributions does your business make for social causes?

The answers to each of these questions are viewed as a proportion of 'black' investment to 'non-black' investment and result in a compliance level. The sum of all these elements of compliance forms a broad-based scorecard.

5 Reasons to comply with BBBEE:

1. Pressure from Customers
2. Individual companies achieve greater compliance when they purchase from suppliers with high compliance levels
3. A compliant company will obtain a competitive advantage over its non-compliant competitors
4. Companies that do business with government departments are required by law to demonstrate compliance with the Codes of Good Practice. Tenders, licences or concessions may be withheld from non-compliant companies
5. Voluntary compliance creates economic opportunities for all

National BBBEE Verification Services

IQuad BEE Verification will guide you through the BEE certification process to streamline your company's performance and ethics.

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