WHAT IS AN INDEPENDENT COMPETENT PERSON?
- Newsletter Editor
- Sep 17
- 1 min read
The Socio-Economic Development element requires an Independent Competent
Person (ICP) 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 ICP 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 ICP. The competence level depends on the initiative's complexity and the requirements of a particular assessment. An ICP 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 ICP.