WHAT IS THE DEFINITION OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT?

As Practitioners in the Industry, we use the term Broad-Based Black Economic Empowerment or B-BBEE quite frequently, but what does it actually mean formally?

As per the Broad-Based Black Economic Empowerment Act, Broad-Based Black Economic Empowerment means:

The viable economic empowerment of all black people, in particular women, workers, youth, people with disabilities and people living in rural areas, through diverse but integrated socio-economic strategies that include, but are not limited to-

(a)   increasing the number of black people that manage, own and control enterprises and productive assets;

(b)   facilitating ownership and management of enterprises and productive assets by communities, workers, co-operatives and other collective enterprises;

(c)   human resource and skills development;

(d)   achieving equitable representation in all occupational categories and levels in the workforce;

(e)   preferential procurement from enterprises that are owned or managed by black people; and

(f)     investment in enterprises that are owned or managed by black people

Technical Services are available to assist Members in understanding the above definition and to create B-BBEE strategies aligned to the above.

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