+- South Africa Info Forums (https://globalbuzz-sa.com/forums)
+-- Forum: Your Resources (https://globalbuzz-sa.com/forums/Forum-Your-Resources)
+--- Forum: Your Employment and Recruitment (https://globalbuzz-sa.com/forums/Forum-Your-Employment-and-Recruitment)
+--- Thread: Dti releases black empowerment amendment act (/Thread-Dti-releases-black-empowerment-amendment-act)
Dti releases black empowerment amendment act - Newsroom - 27-10-2014
The Department of Trade and Industry (dti) has released the Broad-Based Black Economic Empowerment (B-BBEE) Amendment Act No. 46 of 2013.
The act was assented by President Jacob Zuma and published for general information in Government Gazette No. 37271 (Notice No. 55) of 27 January 2014.
The amendment act aims to strengthen the implementation of B-BBEE and its reporting across the economy, as well as to put in place mechanisms to deal with non-compliance.
The act has several objectives, including aligning it with other legislation that deals with B-BBEE and the Codes of Good Practice. It also seeks to establish the B-BBEE Commission to create an institutional environment for monitoring and evaluating B-BBEE.
The gazetted proclamation notice for the commencement of the B-BBEE Amendment Act No. 46 of 2013 has now been released in the Government Gazette.
The commencement of the amendment act is from the date of gazette and is now enforced as law, said the dti.
The operation of the act, said Minister Rob Davies, was necessary to enable the department to perform some of the functions embedded in the act.
He said it was also imperative for the development of subordinate legislation, and to ensure the effective implementation of the Codes of Good Practice.
Minister Davies said some of the key material amendments in the act refer to the following:
- Aligning the act and the codes, which comprises an interpretation clause extended to include a trumping provision that stipulates that the B-BBEE Amendment Act will trump any law that was in force prior to the commencement date of the act.
- The establishment of the B-BBEE Commission, which will be created as an entity within the administration of the dti, headed by a Commissioner appointed by the Minister. The commission will be responsible for overseeing, supervising and promoting adherence to the act, as well as the monitoring and evaluation of B-BBEE.
- Offences, penalties and prohibitions in relation to fronting practices and misrepresentation of the B-BBEE status of an enterprise. The amendment act sets clear penalties, which include a minimum penalty of 10 years imprisonment (and/or a fine) or if the offender is not a natural person, a fine of 10% of its annual turnover.
Minister Davies said with the gazetting of the proclamation notice, these key material amendments will come into immediate effect. – SAnews.gov.za