The collapse of BEE deals and the recent notice by the minister of trade and industry on verification is definitely a sign that companies need to acquire knowledge and properly implement BBBEE. “Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives.” (James Madison the fourth president of USA)
Many companies have tended to focus on a quick fix to transformation or on the ownership element leaving the other elements of BBBEE.
All this points to the importance of acquiring BBBEE knowledge. For instance enterprises can earn points by incorporating black women into the mainstream economic development. However a snap shot of the top companies shows management, employment equity and skills development elements still needs improvement. Black women have enhanced recognition through the Adjusted Recognition for Gender calculations. If an enterprise has black women that make up at least 50% of the overall set targets for black people they increase their points on management, employment equity and skills development elements. According to a recent report by the Business Women Association (BWA) in The Star Business report, there is a general increase in the employment of women in top executive positions. The increase is still minimal and not representative of the large pool of women available to take up these positions and black women fill fewer leadership roles.
It is time for companies to arm themselves with the power of BBBEE knowledge. Our conferences/seminars/workshops and the BEE scorecard methodology to help you carry out initiatives that will make you earn the points you deserve and also accurately calculate your points.
B-BBEE, BEE Compliance, BEE ownership, BEE Scorecard Rating, Implementation of BBBEE, True Empowerment, Verification
I always get amused/annoyed when I read in the media of XYZ (Pty) Ltd, a BEE company. What exactly does a “BEE company” mean?
I take it literally to mean that the company is BEE compliant, i.e. maybe it is level 4 or 3, or even 2.
Of course this is nonsense, a “BEE” company in the eyes of the media is simply one that is black owned.
There is a definition in the codes “BEE controlled company”. This is a company that has more than 50% voting rights in the hands of black people.
A “BEE owned company” on the other hand is one that has more than 50% economic interest in the hands of black people.
In the interests of accuracy I’d like to see the press refer to these companies by their true categorisations.
bee, BEE Myths, BEE ownership, codes of good practice
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