Broad-Based Black Economic Empowerment (B-BBEE) updates

Nov 20, 2015 | 2015, News

There has been a call for comment, by 30 November 2015, on the draft B-BBEE verification manual.  This manual is to be used by all verification agencies when issuing B-BBEE Certificates. It states that “any representation made by an entity about its B-BBEE compliance must be supported by suitable evidence or documentation” and “an entity that does not provide evidence or documentation supporting any initiative, must not receive recognition for that initiative.” Once in force, all verification agencies will be required to comply with this Manual in order to retain their accreditation. Failure to apply when verifying an entity can amount to unprofessional conduct.

The draft manual brings it in line with recent amendments to the Act and Generic Codes of Good Practice, where fronting practices have been criminalised, all with a focus on ensuring proper compliance with the Act and its Codes.