New BEE codes “not just about ticking boxes”
BusinessTech.co.za - Feb 11th 2014, 10:13
A lack of understanding of how the revised Broad-Based Black Economic Empowerment Codes of Good Practice will practically be implemented and measured within smaller companies is holding them back in their compliance efforts.
This is according to Mpowered, an IT systems provider, who noted that government has not provided any further clarity on precisely when a company will be required to verify their B-BBEE compliance on the revised codes.
The new BEE codes were gazetted by the Department of Trade and Industry minister, Dr Rob Davies on 11 October 2013.
According to Bruce Rowe, head of Mpowered, there are several challenges with some of the calculations of the revised scorecard that don’t appear to be aligned with the intentions outlined in the BEE Act or the BEE Amendment Bill.
“Some pundits indicate that the verification process should have commenced prior to the 11 October 2014 to obtain any recognition on the current (“old”) codes, whilst others suggest any company with a financial year end prior to the 11th will be required to measure and verify on the revised codes,” Rowe said.
According to Rowe, most small and medium businesses don’t actively manage their B-BBEE compliance on a regular basis. “SMMEs will be required to measure and verify their B-BBEE compliance on the same five scorecard elements as larger companies.
“For the majority of SMME businesses, it is going to be a huge challenge in obtaining any level of B-BBEE recognition,” he said.
He warned that many local SMME businesses that are unable to achieve ‘unreasonable expectations’ are going to shift away from being active contributors to B-BBEE compliance under the new codes.
“Companies will have to focus on implementing initiatives that improve their B-BBEE score, as non-compliance will lead to the potential loss of business in an already challenging economic environment. It’s no longer just about ticking boxes, companies will need to actively participate in driving BEE compliance,” Rowe said.2014 Copyright, BusinessTech. All right reserved
Regulation of online and mobile gambling in Africa must gather pace
29/10/2019 - 10:20
The gambling industry in Africa has been busy recently following the ICE Africa and Big African Summit events. These explored the current state of legal gambling within the continent and included conferences by established industry professionals.
Pick n Pay unveils its revamped "On Nicol" flagship store
18/10/2019 - 10:59
Pick n Pay’s flagship store On Nicol officially welcomed customers after a comprehensive revamp. The refurbished store has an exciting array of new offerings with the very best in retail concepts developed in South Africa and from around the world. Customers can expect an enhanced fresh food experience, a huge focus on product quality, a much-improved range, innovative third-party services, and refreshed customer service.
Temporary employment services offer a dynamic staffing solution to help the retail sector cater for the seasonal peak
10/10/2019 - 14:56
As we head into the final stretch of the year it is time to start gearing up for the added demands of the summer season. From factories and warehouses to retail outlets, the entire retail chain is under added pressure during this seasonal time of high demand. Temporary employment services (TES) can help all areas of the retail sector to cater to this peak with additional and flexi staff exactly when and where they are needed, with the right skills for the job, and none of the administrative headache of hiring permanent or contract staff.
How to attract and retain the best employees
24/09/2019 - 12:54
Finding the right employee can be a time-consuming process – especially when you’re looking to hire the best candidate for the job. But there are simple steps one can take to find employees who are best suited for your culture and the future success of your business.
Rooibos tea deal changes rural community's fortunes
24/09/2019 - 10:47
A small rural community is set to supply the Spar Group with South Africa's legendary rooibos tea.