21 May 2021

PRACTICE NOTE IN TERMS OF THE B-BBEE ACT 2003: RULES FOR DISCRETIONARY COLLECTIVE ENTERPRISES

BUSA has taken note of and welcomes the recent publication of the Practice Note in Terms of the B-BBEE Act, 2003: Rules for Discretionary Collective Enterprises. The clarification of how Discretionary Collective Enterprises (including Broad-Based Schemes, Employee Share Ownership Programmes and Trusts, among others) should be treated in terms of B-BBEE legislation.

 

There has in the recent past been significant interpretative misalignment between stakeholders, impacting negatively on the development of new schemes and inward investment. BUSA therefore commends the Practice Note and looks forward to enhanced policy certainty and a more collaborative approach between the DTIC, B-BBEE Commission and corporate South Africa.

 

ENDS

 

Cas Coovadia

 

CEO of Business Unity South Africa

 

For media enquiries, please contact:

Sizwe Maswanganye | sizwe.maswanganye@busa.org.za

Tel: 011 784 8000