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Cyril take note: Namibia scraps 25% BEE clause with a telling explanation

CAPE TOWN — At first, it appeared that Namibia would adopt South Africa’s BEE legislation without too much adaptation – but now they’ve scrapped an equity clause demanding 25% of all businesses belong to ‘racially disadvantaged’ people. It’s a shrewd economic move, even though the expurgated draft bill has already seen Botswana supplant Namibia as Africa’s second most attractive jurisdiction for mining houses to invest in. The scrapping of the clause has nevertheless been universally welcomed by global investors. President Hage Geingob touched on a fundamentally flawed aspect of

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Meaningful transformation in SA travel sector

A study conducted by Grant Thornton and commissioned by the Association of Southern African Travel Agents (Asata) has found that the South African travel sector has made significant strides from being a white-owned and managed sector to one that has achieved meaningful B-BBEE transformation across all levels within businesses and across all business sizes. “We are extremely encouraged by the report’s findings that indicate that travel enterprises have largely achieved excellent scores on their Tourism B-BBEE scorecards. While the positive

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Independent M&R board rejects ATON advances

The board feels the offer is not in the construction company’s best interests. Picture: Moneyweb A day after Murray & Roberts (M&R) announced plans by German minority shareholder ATONto acquire control of the group, an independent board has advised shareholders to reject the offer. In an announcement published on Sens on Tuesday afternoon the board, consisting of four M&R independent non-executive directors, called the ATON offer “opportunistic”, taking advantage of conditions ATON contributed to. The board consists of Suresh Kana (chairman),

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SA President Ramaphosa: YES to Upskill Youth for Industrial Revolution

President Cyril Ramaphosa says the Youth Employment Service (YES), which aims to prepare young people for employment, forms part of a broader plan to impart technical skills that will underpin the industrialisation of the economy. “We see this initiative as one pillar of a broad and comprehensive national effort to create opportunities for young people. Another, central, pillar of this effort must be the development of the skills and capabilities of young people,” said the President.

New Act broadens access to insurance

The Insurance Act, which was signed into law earlier this year, aims, among other things, to increase low-income earners’ ability to access insurance products and foster transformation in the insurance sector. The Act, which was approved by Parliament in December last year, aims to bring smaller players into the fold under the auspices of the regulator, the new Prudential Authority, which will fall under the South African Reserve Bank. “Not only will the new law making it easier for low-income

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What Is The Law Regarding Access To Information?

The right of access to information is entrenched in the South African Constitution, and supported by the Promotion of Access to Information Act (PAIA), No. 2 of 2000. These far-reaching laws have been put in place to ensure that we do not repeat the mistakes of the past, where secrecy was commonplace and citizens were kept in the dark. While PAIA may not be perfect, it does open up access to the records of both public and private bodies –

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What Qualifies an Entity as an “Empowering Supplier”?

The revisions to the BEE Codes of Good Practice in 2015 had serious ramifications for businesses across all sectors in South Africa. Among the biggest changes was the amendment to the preferential procurement section of the BEE scorecard. Where previously entities had earned points for doing business with value-adding suppliers that had good BEE ratings themselves, suddenly the bar was higher, and they were required to engage with “Empowering Suppliers” in order to get points. This proved challenging for many

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How Does The Modern South African Government “Punish” Dissent?

“Political dissent refers to any expression designed to convey dissatisfaction with or opposition to the policies of a governing body. Such expression may take forms from vocal disagreement to civil disobedience to the use of violence. Historically, repressive governments have sought to punish political dissent”. The above-mentioned definition of political dissent as per Wikipedia ironically refers to “Historically” repressive governments that “punish” dissent, for instance the old apartheid government. How does the modern South African government “Punish” dissent? The same method as

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How Long Will BEE Remain Government Policy?

Broad-Based Black Economic Empowerment (BBBEE, also known as BEE) is still a controversial subject in South Africa more than a decade after its official inclusion in the country’s legislative framework. There is a large amount of misunderstanding and resistance to BEE,  as well as frequent accusations that the policy in its current form is ineffective, benefitting only a small part of society. There are even calls for BEE to be scrapped entirely. But BEE isn’t going anywhere; it’s here to

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What is the Relationship Between the BEE Act and the EE Act?

In South Africa, Broad-Based Black Economic Empowerment (BBBEE, or BEE as it is more commonly known) is a complex system of rules and guidelines designed to effect socio-economic transformation by levelling the playing field for people of all races. While the major legislation involved is the Broad-Based Black Economic Empowerment Act, No.53 of 2003 as supplemented by the Codes of Good Practice, it is supported by and intertwined with other laws. One key example is the Employment Equity Act, No.

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Client Testimonial

"I would like to thank all the staff at Cenfed/Chamberlink for their professional and friendly service.

We have dealt with numerous BEE verification agencies and have found that Cenfed has a proper procedure that they stick to. We have never experienced the BEE verification process in this manner before and have come to the realisation that Cenfed are doing it correctly.

Thank you for your patience and advice and the wonderful manner in which Yolandi Storm conducted herself with the on site audit.

We would recommend Cenfed to anyone in need of assistance with their BEE verification."

Monique Beets - Accounting Clerk
TMF Construction & Electrical CC