|

BEE refers to black economic empowerment, an initiative by the South African government to address historical imbalances of the country by facilitating the participation of black people in the mainstream economy. Black people refer to Africans, Coloureds, Indian and Chinese persons who are South African citizens by birth or by descent or who were naturalised prior to the commencement of the interim constitution in 1993.
BEE is governed by the Broad Based Black Economic Empowerment (BBBEE) Act No. 53 of 2003 and the BBBEE Codes of Good Practice gazetted in February 2007. This legislation binds organs of state and public entities for most transactions such as preferential procurement, sale of state-owned assets, issuing of licences, concessions and authorisations and entering into partnership with private sector entities. BBBEE is composed of the following seven elements:
- Human resources development - skills development, employment equity
Direct empowerment‚ ownership, management control Indirect empowerment - enterprise development, preferential procurement, socio-economic development. |
|