Tag Archives: Revised BBBEE Codes

How has Preferential Procurement Changed Under the Revised Codes of Good Practice?

Preferential procurement has always been a key component of the Broad-Based Black Economic Empowerment (BBBEE, or BEE) scorecard. It has long been promoted to enterprises as one of the major benefits of having a good BBBEE score, as it opens up potential trade opportunities with other companies seeking to boost their own scores. Gaining preferential procurement points serves as an incentive to support BBBEE-certified suppliers, thereby playing an important role in driving transformation across all levels of the South African

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Explained: Old BBBEE Codes vs New BBBEE Codes

The revisions to Broad-Based Black Economic Empowerment (BBBEE, or BEE) legislation that came into effect in May 2015 continue to cause confusion and anxiety among business owners in South Africa. The original BBBEE legislation comprised the Broad-Based Black Economic Empowerment Act, Number 53 of 2003, and its supplementary, detailed Codes of Good Practice (issued in 2007). The guiding goal of the legislation has always been to effect positive transformation in the business world, addressing the legacy of apartheid and empowering

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BBBEE might be more dangerous than you think

Numerous companies are searching for methods of becoming BEE compliant due to the emphasis of the new BBBEE codes on ownership. Methods’ being used does not include handing out or selling shares, or losing control of their enterprises. This undoubtedly leads to fronting with serious consequences. BBBEE might be more dangerous than you think. The DTI BEE strategy Document defines ownership of black people as follows: “The process of BEE must result in an increase in the ownership and control of

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How will the “REVISED BBBEE CODES” affect your outcome?

Most businesses surveyed expect BEE levels to decrease. The new Broad Based Black Economic Empowerment (B-BBEE) Codes were published for comment in October 2012. A large survey was then conducted to establish what the opinion of companies was towards it. Revised BBBEE Codes More than 90% of companies that participated in the survey believe that the implementation of the revised B-BBEE codes will have a detrimental effect on their current rating level. The DTI on the other hand expect the revised codes

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BEE Bill vs Revised BBBEE Codes and preparing for verification

The B-BBEE Amendment Bill has been passed in parliament. It now goes to the Council of Provinces before the President signs it into law. As with any new legislation, it must be tested in a court of law, but there are aspects of the bill that we want to make you aware of. The bill provides penalties for fronting: up to 10 years in jail and 10% of a company’s turnover. Fronting is defined as: ‘Fronting Bractice’ means a transaction, arrangement

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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