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DTI extends deadline to implement broad-based BEE codes

7th February 2008

By: Creamer Media Reporter

  

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The Department of Trade and Industry (DTI) granted an extension for the transitional period of six months, giving industry more time to implement the Codes of Good Practice for broad-based black economic empowerment (BBBEE).

This came after representations made to the DTI by various actors from the public and private sector indicated that the state of readiness had not been achieved.

It was imperative for the effective implementation of BBBEE that all public and private institutional systems be in place and be functional the DTI said.

The codes were gazetted on February 9, 2007, with a transitional period of one year before their full implementation having been granted to the entire market.

The purpose of the transitional period was to allow the market to convert from narrow-based to a broader-based BEE approach, and for government to set up institutional mechanisms, which include accreditation of verification agencies and the development of verification methodologies and standards.

Working with the National Treasury to align the BBBEE Act and PPPFA, and the establishment of a publicly accessible central data base for collating BEE information, which would also include a self-assessment tool.

Various sectors also had the task to align their sector charters for BEE with the provisions of the codes.

The Minister of Trade and Industry will publish a proclamation to this effect in the Government Gazette of Friday, February 9, 2008.

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Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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