The Socio-Economic Development element requires an Independent Competent Person to present an Independent Competent Person’s Report to confirm that the requirements of an organisation’s Socio-Economic Development contributions have been met and that a claim is indeed legitimate.
As per Schedule 1 of the Amended General B-BBEE Codes of Good Practice, a “Competent Person” means a person who has acquired through training, qualification and experience the knowledge and skills necessary for undertaking any task assigned to them under the codes.”
An Independent Competent Person must have no conflict of interest when nominated to sign off on an organisation’s Socio-Economic Development initiative. Such a person must have sufficient training and experience or knowledge, as well as other qualities that allow them to assist an organisation in the capacity of an Independent Competent Person. The competence level depends on the initiative's complexity and the requirements of a particular assessment. An Independent Competent Person must have a duty of care to an organisation’s investors.
Socio-Economic Development Services are available to assist organisations that wish to confirm the competence of an Independent Competent Person.