Data derived from research over the last 11 global recessions indicate that, on average, it takes 18 months for the economy to begin its recovery. However, the root of this global recession, caused by a pandemic and the subsequent economic cycle, is something not seen before. As organisations assess the collateral damage of our national lockdown, they will have to contemplate whether their B-BBEE Strategy and targets set before the lockdown still apply or whether they need to reassess them. Published: TFM Volume 3 - Issue 20; Author: Madri van der Walt In previous recessions, the world has [...]
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Understanding the reasons for the various rules, laws, and regulations that govern your business will help you take advantage of any benefits they offer while ensuring you always stay compliant. It may feel like an investment into creating a compliance culture that competes with more growth-orientated funding. However, growth without compliance lacks sustainability. Implementing a pro-active compliance strategy to align with governing bodies’ focus to address unmet needs of certain stakeholders in the market, can be used as a tool to gather insight, establish possibilities for evolutionary growth, and at the same time mitigating future risks. THE UNDERPINNING [...]
the dtic (The Department of Trade Industry and Competition) has released new B-BBEE affidavit templates which no longer allows organisations to base their annual Total Revenue figures on Management Accounts. Annual Total Revenue now needs to be based on Audited Financial Statements or Financial Statements for the latest financial year-end. The regulations for taking an oath requires the deponent to sign the declaration in the presence of a Commissioner of Oaths. The new B-BBEE affidavit templates therefore also require the Commissioner of Oaths to notarize the date with his/her signature. We advise organisations to share these amendments with [...]
The R47-03 regulation stipulates the details that are mandated to appear on a B-BBEE Rating Agency’s, B-BBEE Certificate. These updated regulations are effective from 7 October 2020. The amended and published SANAS R47-03 replaces the R47-02 document. The current regulation forms the blueprint for B-BBEE Rating Agency accreditation. SANAS will accredit the latter on behalf of the Department of Trade, Industry, and Competition (the dtic). The amendment clarifies the role of B-BBEE Rating Agencies. The R47-03 in its entirety highlights the SANAS expectations on how B-BBEE Rating Agencies operate. These amendments came into effect on 7th October 2020. [...]
The SANAS R47-03 came into effect on the 7th of October 2020 and will have an undoubtedly impact on the Measured Entities-B-BBEE verification process. The R47-03 is a SANAS reference document, which clarifies the role of B-BBEE Rating Agencies. It further lists the SANAS accreditation criteria, as required by the Department of Trade, Industry and Competition (the dtic). The related SANAS amendments share the ethical and professional conduct standards for B-BBEE Rating Agencies and their employees. It forms a basic guideline to manage the likelihood and prevention of risks such as conflict of interest from materialising. As such [...]
On Friday 31st May 2019, the Department of Trade and Industry (the dti) published Gazette #42496, an amendment to Gazette #36928. The amendments were published in terms of Section 9 (1) of the Broad-Based Black Economic Empowerment Amendment Act 2003, (Act No. 53 of 2003) as amended by Act 46 of 2013. This Gazette, which issued amendments to Code Series 000 (General), 300 (Skills Development), 400 (Enterprise & Supplier Development), and Schedule 1 (Definitions), came into effect upon the date of publication. A six-month transition period is allowed for implementation. Hence, until and including 30th November 2019, an [...]