PROPOSAL FOR TOUGHER BEE LAWS IN SOUTH AFRICA AS COMPLIANCE DWINDLES The Broad-…

PROPOSAL FOR TOUGHER BEE LAWS IN SOUTH AFRICA AS COMPLIANCE DWINDLES

The Broad-Based Black Economic Empowerment Commission (B-BBEE Commission) has published its annual broad-based black economic empowerment (B-BBEE) trends report for2021, showing a decline in compliance and a drop in black ownership of businesses in South Africa.

The report is based on data derived from annual compliance reports submitted to the B-BBEE Commission by JSE-listed entities, organs of state, public entities, and Sectoral Education and Training Authorities (SETAs).

According to legal firm Webber Wentzel, the commission saw fewer compliance reports submitted in 2021, with the current data uploads decreasing by 76% from 5,818 in 2019 to 1,373 in 2021.

The B-BBEE Commission said that this downturn in the submission of compliance reports was due to the fact that the Broad-Based Black Economic Empowerment Act does not adequately cater to the consequences of non-compliance with the Act’s requirements.

The B-BBEE Commission has therefore recommended that the B-BBEE Act be amended to include consequences of non-compliance in the form of administrative penalties and criminal sanctions. It also wants to provide quicker resolution of B-BBEE violations by establishing a specialised tribunal.

More on this here … https://businesstech.co.za/…/proposal-for-tougher-bee-laws…/

Source