In June this year the Broad-Based Black Economic Empowerment (B-BBEE) Regulations were gazetted (Gazette Number 40053) and these regulations have made it compulsory for certain entities to report their BEE status to the BEE Commission.
Unfortunately, this piece of legislation seems to have slipped through the cracks without many companies noticing. But, it is bound to get companies into trouble, if they fail to comply.
Until this year, businesses involved in marketing, advertising and / or communication (MAC) have fallen under the general Broad-Based Black Economic Empowerment (B-BBEE) scorecard.
While a MAC sector charter was originally gazetted under section 12 of the B-BBEE Act in August 2008, it was merely published for information purposes initially and it was intended to be a statement of intent by industry players. Now that the amended codes of good practice have been implemented, so have the MAC Codes.
What do the new codes actually mean for you? How should you be positioning your business to ensure compliance? Is it compulsory for your organisation to report your BEE status to the Commission? We explore all this and more in this month's edition of BEE in the Know.