http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.67Change: -0.07
R/$ = 12.39Change: -0.01
Au 1169.14 $/ozChange: -2.75
Pt 1065.00 $/ozChange: 3.80
 
 
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 Letters 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
© 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
Creamer Media Deputy Editor Online
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Trade News
Financial services provider Investec has acquired the remaining 51.5% stake it did not already own in import and trade financing solutions provider Blue Strata group. The buyout became unconditional on June 19.
International investors, dismayed by Nigeria's decision to delay a naira devaluation they see as long overdue, will hold back from its stock and bond markets, raising risks of a deeper crisis in Africa's biggest economy. The afterglow from March, when an incumbent...
ÖLFLEX CLASSIC 110 The Ölflex Classic 110 connection and control cables are appropriate for use in power chains and applications with torsional movements
Electrical equipment, industrial instrumentation and automation supplier Magnet’s electrical cable product offering was significantly enhanced by the company’s appointment as an official distributor for cable and cable connector producer Lapp Group, in March this...
More
 
 
Latest News
State-owned entity Transnet National Ports Authority (TNPA) has started the registration process for its integrated port management system (IPMS), which is scheduled to go live in the Port of Durban at the end of July. TNPA started issuing registration instructions...
The development of rural road infrastructure and public transport services remains critical to the delivery of South Africa’s – and other African States’ – developmenta agenda, requiring meticulous planning that ties in with the socioeconomic needs of the host...
South Africa-focused mineral explorer and developer White Rivers Exploration (WRE) has signed a memorandum of understanding (MoU) with Windfall Energy to facilitate the joint exploration and development of WRE’s Heilbron and Kroonstad gas assets in the Witwatersrand...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
NHLANHLA NENE The main constraints to economic growth are domestic
Finance Minister Nhlanhla Nene earlier this month stated that, while South Africa’s 2015 economic growth target of 2% was achievable, it was not enough to deliver the tax revenue needed to combat the country’s challenges.
The World Steel Association has published the 2015 edition of the World Steel in Figures report, which shows an increase in steel production as well as provides an overview of steel industry activities from crude steel production to apparent steel use.
The 25-year master plan for Gauteng’s Aerotropolis project will go through a process of approval and adoption during June and July, says Aerotroplis project manager Jack van der Merwe. “We are also in the process of putting together a special purpose vehicle (SPV) to...
SOLAR PANELS The existing buildings in the Coega Industrial Development Zone lent themselves well to rooftop solar panel installations
The Coega Development Corporation (CDC) plans to fit 15 of its buildings, totalling 127 000 m2 of roof space, in the Coega Industrial Development Zone (IDZ), in the Eastern Cape, with solar panels.
The Supreme Court of Appeal’s (SCA’s) November 2014 judgment, ordering steel producer ArcelorMittal South Africa (AMSA) to hand over the 2003 Environmental Master Plan for its Vanderbijlpark steel plant to environmental pressure groups, confirmed the right of civil...
 
 
 
 
 
 
 
 
 
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
Subscribe Now for $96 Close
Subscribe Now for $96