Major changes in BEE for certain industries.
Major changes are coming for some of South Africa’s largest industries with regards to B-BBEE. Looking back to 3 June, B-BBEE Commissioner says 18 years after empowerment legislation came into effect, the benefits do not filter to people on the ground as more and more companies are B-BBEE compliant on paper, however this does not translate into practice.
Not much has changed in previous years, and the sole reason for the legislation is being lost and completely disregarded. It is for this reasons that legislation has been tightened in certain industries. For instance, the Private Security Industry, where “The Private Security Industry Regulation Amendment Bill proposes that at least 51% of the ownership of both existing and new security service providers must be held by South African citizens.” Similar changes can be seen in the Telecommunications & Broadcasting services with most changes wanting to ensure more ‘local’ participation.
What do you think of these changes and should more come into effect ensure the success and sustainability of the legislation?