State of Transformation – 18 April 2017

 

EconoBEE - BEE Points = Business

Check out our events calendar to keep up to date on all events.

EconoBEE is an expert consultancy. Our advice has allowed many organisations to work through and implement long term sustainable strategies that remain inline with the essence of the BEE legislation. Our Managed Service is an effective consulting service to effectively manage BEE. Alternatively if you have a scheme that could soon be outlawed contact us urgently to find the most pragmatic solution.

 

State of Transformation Breakfast

The Broad-Based Black Economic Empowerment (B-BBEE) Commission hosted a breakfast session in Midrand on Friday, 24 March 2017. Dr Rob Davies, minister of the dti gave the keynote address. Dr Rob Davies affirmed governments view on B-BBEE and emphasized that radical transformation needs to take place.

Dr Rob Davies says the Broad-Based Economic Empowerment (B-BBEE) Commission should take action against companies that are found not to be complying with the B-BBEE requirements for transformation. Only 27 JSE listed companies have reported to the B-BBEE Commission. The Act requires all organs of state and JSE listed entities to submit their reports to the B-BBEE commission. It also requires that organs of state take into account a companies BEE status when awarding tenders or licenses.

The Acting Commissioner for the B-BBEE Commission, Ms Zodwa Ntuli, said the Commission takes the role of the B-BBEE legislation seriously. She highlighted that the Commission had already initiated investigations into cases of fronting and targeting the verification industry to reduce fronting.

The B-BBEE Commission’s solution to this problem is to allow entities to seek direct guidance from them. The B-BBEE commission has since released a practice guide mentioned below.

At the session, the B-BBEE Commission spoke about the launch of a verification portal which should have come into effect on the 1st of April. The portal is to ensure that every verification agency that issues a BEE Certificate uploads the certificate and the report to the portal. The portal will be linked to the National Treasury Central Supply Database.

 

Practice guide


On the 31st of March, the Commission released a Practice Guide 01 of 2017 “Enhanced recognition status for exempted micro-enterprises and qualifying small enterprises through application of the modified-flow through principle”. The Commission is concerned that the modified flow through principle is being applied in ways to circumvent the codes.

This Practice Guide is issued as a non-binding guide purely to assist with the interpretation to ensure consistency in the application of the Act. Should this Practice Guide not be clearly applicable to your specific set of facts at any given time, you are advised to approach the B-BBEE Commission for a non-binding advisory opinion, which will be more specific to your set of facts.

 

B-BBEE Commission will take action against non-compliant JSE listed companies


At the breakfast session held by the B-BBEE Commission on the national state of transformation, the B-BBEE Commission was urged to take action against companies that are found to not be complying with the B-BBEE requirements for transformation. Of approximately 400 listed JSE companies, only 27 had reported.

Section 13G of the Broad-Based Economic Empowerment Amended Act introduced  the following reporting obligations:

  •  All public entities and organs of state must annually report on their compliance with B-BBEE in their audited annual financial statements and annual reports.
  • All companies listed on the JSE, must report on their compliance in terms of B-BBEE, to the newly introduced B-BBEE Commission. The format of reporting is yet to be prescribed but given the requirement on public entities to do so in their annual reports one can expect a similar requirement on JSE listed companies.
  • All SETA’s must report to the Commission on skills development spending and programmes.

EconoBEE will be hosting a Breakfast Session on the 4th of May that will assist you on how you can submit your reports to the B-BBBE Commission to ensure compliance with the act.

What will be covered?

  •     Brief theory of B-BBEE
  •     The whole scorecard and how to maximize your BEE points
  •     How to do the required reports for the B-BBEE Commission

Who should attend?

  •     Directors,company secretaries of JSE listed companies
  •     Transformation managers
  •     Seta representatives, Organs of state

The Breakfast Session will help you comply with the Act, you will leave with a better understanding of B-BBEE and what is required in order to be compliant with the act. You will have more knowledge on how to do your report submission with the B-BBEE Commission.

Course Details:
Date: 4 May
Title: JSE and other legislative submissions to the B-BBEE Commission
Duration: 7:00 for 7:30 till 10:30
Price: R800 (excl VAT)
Venue: 435 Rugby Avenue, Ferndale, Randburg

 

EconoBEE in the news


Recently Lianne Levenstein, the CEO of EconoServ was interviewed on ClassicFM twice. The interviews are available below:

Practical Implementation of the BEE codes – ClassicFM – EconoBEE

Sector Specific Codes – ClassicFM – EconoBEE

 

Upcoming events


Date:  2 May (ICT) and 9 May (COGP)
Title: Half day BEE workshop
Duration: 9:00 till 13:00
Price: R1710 (incl VAT)
Venue: 435 Rugby Avenue, Ferndale, Randburg

Date: 19 April
Title: Enterprise and Supplier Development Evening Session
Duration: 15:30 for 16:00 till 18:00
Price: Free, but booking essential
Venue: 435 Rugby Avenue, Ferndale, Randburg

Date: 25 April
Title: Ownership Structuring Half Day
Duration: 9:00 till 13:00
Price: R1710 (incl VAT)
Venue: 435 Rugby Avenue, Ferndale, Randburg

Date: 26 April and 25 May
Title: Employment Equity Committee Compliance Workshop
Duration: 9:00 till 13:00
Price: R1710 (incl VAT)
Venue: 435 Rugby Avenue, Ferndale, Randburg

Date: 10 May
Title: Skills Development Breakfast
Duration: 7:30 for 8:00 till 10:00
Price: FREE but booking essential
Venue: Cnr Gerty and Hermans Streets, Sophiatown, Johannesburg, 2092

For more information please contact us on 011 483 1190 or info@EconoBEE.co.za or info@EconoHR.co.za
Additional information and a full calendar of all our courses are available on our website.
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While there is demand for a B-BBEE Scorecard someone will be taking advantage, shouldn’t that someone be you…


 

Want us to manage your BEE Process – Managed Service.

Turnover below R10 million – find out how to get your BEE Exemption.

Is BEE procurement a pain? Sort it out quick and easy – BEE Procured.

Need a scorecard – produce one yourself – EconoBEE V4. 

 
EconoBEE Newsletter
18 April 2017

In this issue

  • State of Transformation Breakfast
  • Practice guide
  • B-BBEE Commission will take action against non-compliant JSE listed companies
  • EconoBEE in the news
  • Upcoming events

In other news

About EconoBEE

 

EconoBEE is an expert BEE consultancy. EconoBEE helps businesses Become BEE Compliant, prepare for verification, earn maximum BEE Points and ensure that they achieve the BEE Level they need to get more business.

Our services include BEE Management Systems, Training, EME Pack, Complete Managed Services, consulting and advisory and Procurement Solutions.

As leaders in the industry we are driven to help maintain and develop knowledge in the BEE industry.


Already have a BEE Certificate

Please send it to us and we will include it in our BEE Procured database.


Contact Us

Tel: 011 483 1190
Fax: 011 483 1195
Email: info@econobee.co.za
Web: www.econobee.co.za


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Regards
Lianne and the EconoBEE Team
 

  
Executive summary of B-BBEE

Turnover below R10 million per annum – automatic BEE status

 

Turnover above R10 million per annum – you need a BEE Scorecard. Our workshops, scorecard tools, procurement manager or a complete managed services will be best for you.

 

Your time on your business, our time on your BEE status

Tip:

Amended Codes preparation needs to begin immediately. Through our managed service prepare early and gain a competitive advantage.

 

10 Strategic Steps to B-BBEE!
 We have prepared an easy to follow guide “B-BBEE in 5 Minutes” and “Crash Course to BEE Verification” which explains BEE in a simple step by step approach.

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