EconoBEE is giving a qualified support to the proposed B-BBEE Amendment Bill. Keith Levenstein, CEO of EconoBEE said “We will support any initiative that genuinely seeks to promote transformation. Many of the clauses do indeed attempt to improve transformation by implementing B-BBEE better.

We like the fact that that a BEE Commission is to be appointed, to investigate breaches of the codes and to promote genuine Broad-based black economic empowerment. We like that fronting is to be criminalized, as it is the cause of much unhappiness. We like that all government departments are to be included in the B-BBEE requirements, just as much as private enterprise. Mostly we like that broad-based black economic empowerment is indeed broad-based, and if implemented properly will result in a higher economic growth rate, but also assist with poverty alleviation and a more equitable income distribution curve.

We give a qualified support only because the government, especially the dti has failed so far at its task of implementing B-BBEE. The dti has failed to expose fronting and to give sufficient interpretations. It has failed the country. To some extent the proposed act is the dti’s excuse for not doing its job properly. We don’t need a new act if the dti is going to fail to implement this one as well. Many of the clauses in the new act are already in the existing act, just slightly clarified which is not really necessary.

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