News Articles

No significant change in transformation levels, says B-BBEE commission

Only 43% of JSE listed entities and 10% of organs of state submitted their annual compliance records for 2018, with most entities failing to comply. The Broad-Based Black Economic Empowerment (B-BBEE) Commission said on Wednesday that there had been no significant change in the levels of transformation in the country. Black economic empowerment. Picture: werksmans.com […]

A South African dream preferred

If we could follow Martin Luther King’s dream, without abandoning redress, we’d be on the right road. While President Cyril Ramaphosa and acolytes peddle dreams, an economic nightmare rages. Unemployment is up, economic growth is down. Stateowned entities are battling to pay salaries. Big construction companies are in trouble. South Africa power utility giant Eskom […]

Gazetted amendments tighten B-BBEE rulings

The recently-gazetted amendments to the Amended Generic Black-Broad Based Economic Employment (B-BBEE) Codes of 2013 present immense potential for organisations to accelerate transformation whilst offering quality-education to enhance employment. This is according to Roxanne Da Mata Gonçalves, transformation specialist and director of Strata-g Labour Solutions, who says: “The target for procurement from 51% Black-owned companies […]

Spirit of giving is helping ‘missing middle’ students

Corporate South Africa and individuals are making a positive difference to the country’s student funding crisis, by sponsoring tertiary studies and offering workplace learning. In the two years since they started operating, the crowdfunding platform Feenix says it has been able to raise in excess of R25m which was used to support 900 students. Tax breaks are […]

Foskor’s R350m BEE scheme collapses

Legal action is afoot as workers allege foul play on the part of the company, which has reneged on promised payouts, citing nonprofitability. A BEE share ownership scheme at Foskor – the fertilizer and chemicals producer with majority state ownership – which was valued at more than R350 million, has crashed, leaving the dreams of […]

BEE fronting becoming more sophisticated, holding back transformation – commission

Fronting is contributing to the slow pace of economic transformation, according to the executive manager for compliance at the Broad-Based Black Economic Empowerment (B-BBEE) Commission, Busisiwe Ngwenya. According to the Department of Trade and Industry, fronting means “a deliberate circumvention or attempted circumvention of the B-BBEE Act and the Codes”. Fronting commonly involves reliance on […]

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