The Broad-Based Black Economic Empowerment Act 53 of 2003 (“BBBEE Act”) provides the legislative framework for Broad-Based Black Economic Empowerment (“BBBEE”) in South Africa. Codes of Good Practice may be issued by the Minister of Trade and Industry
under the BBBEE Act and such Codes may be “generic” (i.e. of general application) or apply to a specific sector of the economy (so called sector codes that are developed by stakeholders in the relevant sector).
The current “generic” Codes of Good Practice (“Codes”) were published on 11 October 2013 and came into effect on 1 May 2015.
Certain amendments to the Codes have been proposed by the Minister of Trade and Industry for public comment by 28 May 2018. As at the publication date of this Guide, the final form of the amendments is not clear.
The primary purpose of the BBBEE Act and the Codes is to address the legacy of apartheid and promote the economic participation of Black People in the South African economy.
Werksmans Attorneys Directors and authors of this guide, Pieter Steyn and Seroshan Padayachy aim to provide you with a basic understanding of the legal framework for BBBEE and its importance and implications for your business.
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