IMPORTANT changes to companies’ B-BBEE annual reports!

The B-BBEE Commission has recently sent out a notice that it may publish the reports of non-compliant companies! Please read the below to understand the context of the notice.

JSE listed companies, public companies or organs of state and SETAs must submit annual compliance reports to the B-BBEE Commission in the prescribed FORM B-BBEE 1, within 30 days of the approval of such audited financial statements and annual report.

JSE listed companies specifically, can submit to the B-BBEE Commission within 30 days of the approval of such audited financial statements and annual report or 90 days at the end of the financial period. SETAs must submit a report to the B-BBEE Commission annually on the skills development spending and programmes within 30 days of the approval of such audited financial statements and annual report or 90 days at the end of the financial period.

In 2017, the B-BBEE Commissioner issued an explanatory notice requiring all reporting entities to provide additional information as outlined in a compliance report matrix required by the B-BBEE Commission. Companies faced challenges in reporting on the information required in the reporting matrix.

In 2019 the B-BBEE Commission found that 18.1 percent of all B-BBEE certificates submitted, were rated as non-compliant for B-BBEE and, of the 161 listed entities that reported, 4.97 percent had no data for analysis.

 The B-BBEE Commission issued another explanatory notice on the 3rd of February 2021 which will take effect on the 1st of April 2021, in an attempt to provide clarity on the matter in which to complete the reporting matrix.

 Companies that are found to be non-compliant will be given 30 days to rectify their status. The B-BBEE Commission may publish the reports in a manner that it deems appropriate of companies that are not compliant.

Why not give us, at EconoBEE, a call on 011 483 1190 or email us and let us help simplify and expedite your transformation journey!

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