http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.16Change: 0.02
R/$ = 11.77Change: 0.06
Au 1212.35 $/ozChange: 7.67
Pt 1156.50 $/ozChange: 4.50
 
 
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
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Updated 16 minutes ago Strengthening its position in the European extrusion coatings market, international packaging and paper group Mondi has inked a deal with technical laminates and protective packaging company Walki Oy for the acquisition of two extrusion coatings plants in...
Updated 57 minutes ago South Africa’s credit rating is at risk of being downgraded if government fails to pay the debt taken on to fund infrastructure programmes, such as the upgrading of Gauteng’s major highways, National Treasury deputy director-general for tax and financial sector...
Updated 2 hours 42 minutes ago Power utility Eskom said it would extend power cuts to 2 000 MW of electricity from 12:00 to 22:00 on Friday due to a shortage of generating capacity. The cash-strapped State utility, which has been forced to reduce electricity supply in Africa's most advanced...
More
 
 
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
 
 
 
 
 
This Week's Magazine
While economic forecasts for the African continent are most favourable, African airlines may not be able to benefit from the expected growth in the region’s gross domestic product (GDP), International Air Transport Association VP: Africa Raphael Kuuchi has warned....
The Automotive Production and Development Programme (APDP) will need to change substantially post 2020, says Metair Investments South African operations COO Ken Lello. “We must not make tweaks. We have to change. What we are doing is not sustainable.”
Banking group Absa’s forecast is for the rand to end the year at around R13 against the dollar, weakening further to R13.50 by 2016, says Absa sectoral analyst Jacques du Toit. He warns that possible interest rate hikes in the US may see capital being pulled from...
The Dispute Resolution Centre at the Bargaining Council for the Civil Engineering Industry (BCCEI) is now open to handle party-to-party disputes. The BCCEI represents the interests of all level four to nine Construction Industry Development Board companies.
FREDRIK JEJDLING Sustainability becomes an important part of a business’ decision-making process
Communications technology firm Ericsson sub-Saharan Africa head Fredrik Jejdling says the company’s commitment to sustainability and corporate responsibility has been integrated into all facets of its operations, which has provided it with sustainable revenue...
 
 
 
 
 
 
 
 
 
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