South Africa's first democratic government elected in 1994 was to redress the inequalities of the past, politically, socially and economically. Broad Based Black Economic Empowerment (BBBEE) ensures that the economy is structured and transformed to enable the meaningful participation of the majority of its citizens.
Section 9 of the Broad Based Black Economic Empowerment Act No 53 of 2003 (BEE Act) legally provides for the issuing of codes of good practice on broad based black economic empowerment. BBBEE has to be implemented in an effective and sustainable way so as to unleash and harness the full potential of black people.
The amended Codes of Good Practice for BBBEE highlights five elements of focus, namely:
- Management Control
- Skills development
- Enterprise and supplier development
- Social - economic development