Johannesburg, 14 June 2018 – In spite having been instituted over a decade ago, Broad-Based Black Economic Empowerment (B-BBEE) is still leaving business owner scratching their heads. What seemed straightforward, initially, proved to need more fine-tuning and amendments to the codes and scoring system are causing greater confusion and panic as companies race to implement these new changes.
Coming to the rescue is the B-BBEE Breakfast Seminar, organised and presented by Lisa Agbenafa and Lara Lombard from Advance Corporate Advisors and hosted by the Southern African-German Chamber of Commerce and Industry. This seminar focused predominantly on the amended codes and solutions to the challenges faced by medium-sized corporates and multinationals in the Ownership pillar, as well as some of the proposed amendments currently gazetted in draft form by the DTI, such as the Y.E.S (Youth Employment Services) pillar, that impact on the rest of the scorecard.
Guests were invited to ask questions throughout the presentation and many did, particularly concerning the future of B-BBEE. What would B-BBEE legislation look like in five years’ time? Are there other amendments being proposed for future enactment?
When asked to give some key thoughts toward the end of her presentation, Ms Lombard encouraged attendees to register and be active in interacting with the B-BBEE Commission, the impartial body charged with overseeing, supervising and promoting adherence to the B-BBEE Act.
Ms Lombard also stressed the importance of implementing the Y.E.S pillar of the amended legislation, emphasising that it is not only an excellent key to meeting B-BBEE targets, but also that it is a unique opportunity for companies to contribute to the skills development of much of South Africa’s young population.
The SAGCCI offers to assist companies, who wish to get involved in the Y.E.S Initiative, by way of its in-house training programmes, which operate according to the German dual-vocational training model. This model has students attend classes to gain theory-based knowledge, while also receiving on-the-job experience working in a company. The result is a qualified professional, who not only offers an excellent understanding of technical knowledge, but also has the hands-on experience to do the job. This training model has resulted in valuable employees for many companies and excellent prospects for the students going forward.
All i all, guests found the seminar and the Q&A interactions very valuable and the general consensus was that they felt more surefooted to faithfully implement this piece of legislation.
About Advance Corporate Advisors
Advance Corporate Advisors (“Advance”) is a leading independent Economic Development and Black Economic Empowerment advisory firm in South Africa, offering social responsibility, transformation and economic empowerment consulting and solutions. Advance has extensive experience in offering bespoke solutions to projects, advising on all aspects of economic development, black economic empowerment (“BEE”) and public procurement as they relate to the social developmental imperative. These include the Amended Codes, all Amended Sector codes, PPP Balanced Scorecards and other public sector procurement tender responses and quarterly reporting obligations. Our understanding of this legislative environment has been built up on a solid foundation provided by over 20 years of experience in public-sector procurement. www.advancecorporateadvisors.co.za
Southern African-German Chamber of Commerce and Industry
The Southern African-German Chamber of Commerce and Industry has been operating in Southern Africa for over 65 years. Bringing together potential business partners is one of our key service offerings. We foster business links between Germany and Southern African companies through comprehensive and target group oriented researches, workshops, seminars and business delegations that bring you in contact with competent business partners in your industry. Contact the Chamber to get connected with German and southern African businesses at info(at)germanchamber.co.za; or call +27 11 486 2775.