The BBBEE codes are not only a moral initiative to redress the wrongs of the past, they are also a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream. Despite this powerful legislation and rigorous compliance verification, however, the economic disparities […]
An employee share ownership programme that ran for 16 years without paying a cent to its 3,700 participating employees has been found by the BEE Commission to be misrepresenting its BEE status. The company, multinational security company G4S, claimed it had insufficient distributable reserves to pay dividends, but the Commission determined that directors and key […]
There will be serious implications for companies who would like to do business with government due to the new amendment to the Employment Equity Act. The Amended Act provides that companies now need to apply for a compliance certificate under the Employment Equity legislation, which, like a BEE certificate, is valid for a one year […]
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 […]
WHY does South Africa need BEE? Unemployment, poverty and deep rooted inequality. These are the ruins left by a past of oppression. So how does a country correct this? Or better yet, how do we as humanity correct this? In order for us to better identify the reasons your business needs B-BBEE, we first need […]
WHY BEE? This seems like a pretty simple question, however this is a question that often gets asked. We like to explain it with one specific point: We need to dispel the myth that people are responsible for their own poverty. Living in poverty, especially persistent poverty, increases an individual’s likelihood of suffering from anxiety, […]
A question we often receive is, ‘What is the role of business in economic development?’ Well, let’s start with the meaning of ‘Economic Development.’ According to Caled.org, ‘Economicdevelopment is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality […]
Although the year is 2021, the debris of 2020 still stands and is evident throughout all aspects and types of business in South Africa. The impact of COVID-19 and the ongoing lockdown is immense and a very prominent question stands: What is the current state of our economy and what has been the impact of […]
It’s important to stay up-to-date with changes made by the Department of Trade Industry and Competition to ensure that you are B-BBEE compliant according to the latest regulations. The DTI has released updated B-BBEE affidavit templates that require that annual Total Revenue now needs to be based on Audited Financial Statements or Financial Statements for […]
Through our impact investing as well as our consulting to clients on enterprise and supplier development, we at Simanye work a lot with SMEs and entrepreneurs of all sizes in the impact as well as other sectors. As a result, we have learned a lot along the way which may be of use. If you […]
