http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.76Change: 0.11
R/$ = 10.96Change: 0.10
Au 1193.42 $/ozChange: 4.09
Pt 1213.50 $/ozChange: 10.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Jan 30, 2014

Zuma signs BBBEE Amendment Bill into law

Back
Photo: Duane Daws
Jacob Zuma|Joanmaraie Fubbs|Rob Davies
jacob-zuma|joanmaraie-fubbs|rob-davies
More Insight
© Reuse this



President Jacob Zuma has signed into law the Broad-Based Black Economic-Empowerment (BBBEE) Amendment Bill of 2013, which Trade and Industry Minister Dr Rob Davies says will streamline the monitoring and evaluation of empowerment and “significantly” enhance the objectives of the BBBEE Act, No 53 of 2003.

“The amendments to the BBBEE Act intend to achieve key strategic objectives, including aligning the BBBEE Act with other legislation impacting on BBBEE and its Codes of Good Practice, establishing a BBBEE Commission and providing for the regulation of the verification industry by the Independent Regulatory Board of Auditors.

“The amendments will also deal with noncompliance and circumvention by, inter alia, introducing offences and penalties,” he commented.

Davies added that fronting, as defined in the Act, was now a statutory offence and those who were involved in and convicted of fronting may be imprisoned for ten years.

“We have introduced offences for acts of fronting which include misrepresentation, or attempting to misrepresent the BBBEE status of an enterprise, as well as providing false information or misrepresenting information to the verification personnel to secure a particular BBBEE status.

“Any person convicted of an offence, in terms of the Act, is liable to a fine or to imprisonment for a period not exceeding ten years, or to both a fine and imprisonment,” he said.

The Act would further legislate for the establishment of the BBBEE Commission, which Davies said would play a critical role in overseeing, supervising and promoting adherence to the Act and Codes of Good Practice.

“The commission will be given the task of acting independently, without fear or favour. It will also strengthen and foster collaboration between the public and private sector to promote and safeguard the objectives of BBBEE. Over and above this, the commission will ensure that BEE activities in the country are aligned,” he noted.

Responding to the announcement, the Portfolio Committee on Trade and Industry chairperson Joanmarie Fubbs said the committee welcomed the amendments to the Act, stating that the amended legislation would significantly transform the economy and enable a more inclusive society.

“These new pieces of legislation are expected to enhance broader economic participation and to support and protect vulnerable parts of our society,” she commented.

The Act has been published in the Government Gazette No 37271 of January 27, 2014.

Edited by: Tracy Hancock
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Trade News
Industrialisation remains a major part of the South African developmental agenda and an important vehicle towards achieving the Department of Trade and Industry’s (DTI’s) target of creating 100 black industrialists in the next five years, Trade and Industry...
South Africa had a moral and business obligation to aide the growth of its neighbours and Zimbabwe was moving to put its best foot forward to ensure it attracted the investment it needed to bolster its industrialisation and development programmes from South Africa....
There were signs of progress this week on the long-awaited Tripartite Free Trade Agreement (T-FTA), which has been under discussion between the Common Market of Eastern and Southern Africa, the East African Community and the Southern African Development Community...
More
 
 
Latest News
Industrialisation remains a major part of the South African developmental agenda and an important vehicle towards achieving the Department of Trade and Industry’s (DTI’s) target of creating 100 black industrialists in the next five years, Trade and Industry...
The construction of a new innovation hub in the heart of the Dube TradePort, in Durban, was set to kick off in March 2016, as Dube TradePort Corporation sealed a R160-million lease agreement with Eureka Capital. Eureka Capital planned to develop a seven-storey 21 500...
South Africa will become the first African country to host the Organisation for Economic Cooperation and Development’s (OECD’s) Steel Committee Conference when the committee’s seventy-seventh session takes place in Cape Town between December 11 and 12. The...
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
JSE-listed real estate investment trust (REIT) Rebosis Property Fund achieved a distribution growth of 8.1% to 99.45c per linked unit in the financial year ended August 31, despite volatile market conditions.
JAMES ROBERTS The MOM incubator was designed to help babies in developing nations who were dying in conflict-struck nations or who do not receive hospital care
A low-cost, inflatable incubator won this year’s international James Dyson design award, which aims to encourage and inspire the next generation of design engineers.
The World Bank released its ‘Doing Business 2015: Going Beyond Efficiency’ report last month and ranked South Africa 43 out of 189 global economies for its ease of doing business, with Singapore topping the rankings.
Air Products South Africa officially launched its R300-million Eastern Cape air- separation unit (ASU), at its new manufacturing facility in the Coega Industrial Development Zone (IDZ), earlier this month. It is the second facility that Air Products launched in South...
BMW South Africa (SA) has signed a power purchasing agreement with energy company Bio2Watt. The offtake partnership will bring renewable energy to the carmaker’s Rosslyn plant, north of Pretoria.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks