Mzwandile Mamaila - 16 March 2023 CATHSSETA Hospitality students conducting their practical training. Source: CATHSSETA website https://cathsseta.org.za/ SOUTH African SETAs increase skills development and training. This initiative enhances the chances of employability and brings structural transformation and growth to the economy. The lack of skills and training contributes to South Africa’s high poverty and unemployment rate. Fortunately, some initiatives seek to train and equip people who lack practical skills and training, increasing their chances of employability. In March 2000, Sector Education and Training Authorities (SETA) were introduced to assist with developing the skills of unemployed South Africans. SETAs identify a person’s theoretical skills and aim to improve those skills by providing practical training. When participating in a SETA programme, new skills will be taught or enhancement of already existing skills. SETAs provide skills development and training through Learnerships, Skills Programmes, Internships, Apprenticeships, Bursaries, Candidacies, and Adult Education. There are various sectors that SETAs offer training in, such as Agriculture, Hospitality, Business, and Banking. South Africa consists of 21 SETAs funded by the Skills Development Levy (SDL). The SDL is a 1% fee paid by businesses. This fee is subtracted from the total annual salaries paid to employees. The SDL was introduced after the Skills Development Act 97 of 1998. This act encouraged the growth of knowledge and competencies in workspaces and aimed to improve productivity and employability. Working coherently with this act is section 11 and 12 of the SDL acts. This section states that companies that fail to pay the SDL on time should be fined, with 10% added interest to their SDL payment. According to CATHSSETA Regional Manager for the Eastern Cape, Northern Cape, and Western Cape Region, Martha Collet, there has been an increase in the demand for SETA training programmes and an uptake in participants in the past few years. Unfortunately, there are not enough funds to cater to every applicant. “We receive our funds from the levies, and we have lost funding from some businesses due to COVID-19,” she stated, highlighting how businesses have stopped paying the SDL due to Covid – 19. Even though employers received a four-month payment holiday, which excused them from paying the SDL from the 1st of May 2020 to the 31st of August 2020, some businesses required an extended holiday. “We are recovering. It’s an industry recovery, so it’s quite normal,” Collet added with hope, believing that all companies will recover from the harm caused by COVID–19 and disputing that some companies intentionally stopped paying the SDL for personal reasons either than COVID-19. It is still questionable whether the fines and added interest to late SDL payers have been charged to businesses who have stopped paying the SDL, as stipulated in sections 11 and 12 of the SDL acts. However, Collet stated that they increased their stakeholder base, highlighting how CATHSSETA has tried to find alternative funding. https://www.cbn.co.za/industry-news/skills-training-development/equipping-south-africans-with-the-necessary-skills-and-training/ ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’

Sinazo Alungile Novukela - 16 March 2023 According to the Quarterly Labour Force Survey by Statistics SA for the first quarter of 2022, the graduate unemployment rate was relatively low in South Africa compared with those of other educational levels, while youth unemployment continues to be a burden, irrespective of educational attainment, and seemingly a very dangerous threat to democracy. Photographer: Armand Hough. African News Agency (ANA) The dawn of democracy raised hope for many previously disadvantaged South Africans. It symbolised a chance to rebuild and a new dawn. It also set a chance to try bandage the wounds that had been bleeding under apartheid. However, the status quo we see today is contrary to what was anticipated. People believed that the doors of opportunity were going to open to alleviate the burden of many households that lived below the poverty line. What we see today are huge statistics of youth unemployment – the biggest threat and challenge. The Quarterly Labour Force Survey by Statistics SA for the first quarter of 2022 showed the graduate unemployment rate was relatively low in South Africa compared with those of other educational levels. But youth unemployment is still a burden, irrespective of educational attainment, and seemingly a very dangerous threat to democracy. Covid-19 made matters worse, weighing the levels of employment opportunities even further down. It is hard for the economy to absorb the youth into job opportunities, but government initiatives such as temporary employment opportunities – education assistants at schools and internships to gain work-related experience – put young graduates in good stead in terms of employment opportunities. These opportunities provide hope and are temporary relief, but when such opportunities conclude, the problems persist. “In order to live like a king, you have to work like a slave!” Due to high inflation, the current food basket price is higher than in the past. Therefore, for many to survive, a “side hustle” is an alternative that will go a long way in bringing in additional income. This will help many households to meet the extra costs that some pay cheque incomes may not cover. We must sell clothes and hair, we must open consultancy businesses and we must wash cars. The “side hustle industry” is widening and becoming more rewarding, especially to the unemployed seeking a way to look after their families. While we take the side hustle notion lightly, imagine how well the country’s economy would grow if more people branched into businesses. This notion concurs with what the president said in his 2022 State of the Nation Address, that the government does not provide jobs; businesses do. A side hustle is not limited to selling, but also to providing a service, extending it even beyond the borders. Over the past few years, young South Africans have discovered ways of using the internet to gain lucrative livelihoods. While some look at crypto-currency and foreign investments, others are carving out their niche in teaching online or becoming social media influencers. Teaching online involves offering tutoring services to learners over the internet, but increasingly, teaching the English language to non-English speakers across the globe at set rates. With the high rate of unemployed graduates, this teaching option is becoming an alternative route, especially with the basic certification being a degree in any field of study and an understanding of the language at a native level, of which South African citizens are regarded as native speakers. A Teaching English as a Foreign Language (TEFL) certificate is an added advantage. There is also an increase of social media content creators over TikTok, YouTube and Instagram who get paid to create content as per the viewers’ ratings. Teaching English online to non-English speakers across the world is a form of employment that is challenging and rewarding. Some bold movers have taken the risk of moving to non-native English countries to work as English teachers. This is a move they have to take to relieve themselves and families from poverty issues. Evidently, the rate of young unemployed graduates looking for opportunities to branch out and work in those countries is steadily increasing. It is a viable solution, but it also comes at a cost, considering that some have studied for different careers but are forced by circumstances to ditch their passion in the name of earning a living in foreign countries. Gone are the days when young people would wait on the government to create employment for them. Young people use opportunities to create viable solutions to challenges they face. The struggle faced by the youth in 2023 is different to those the youth faced in the 1970s. These differing scenarios need a different kind of solution. Having detailed the suffering faced by graduates, this raises the question on the advantages of obtaining a qualification as a means of tackling poverty. Getting employed goes far beyond the borders of South Africa. This may look like a solution to financial struggles; but having something meaningful to do will also address other social issues – suicide-related deaths as a result of depression and anxiety emerging from being unemployed. Sinazo Alungile Novukela is a graduate from the University of Fort Hare and Rhodes University in Communications and Journalism, respectively. She is an intern in Communications at the Department of Agriculture, Land Reform and Rural Development. She writes in her personal capacity. https://www.iol.co.za/dailynews/opinion/viable-side-hustles-to-beat-youth-unemployment-225f47c2-f08e-4e04-815b-aa3c08655bc4 ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’

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BR Reporter | 16 March 2023 The minimum requirement to get into FNB’s Graduate Programme is an undergraduate degree or an equivalent in any field. Picture: Nadine Hutton/Bloomberg Youth employment and skills development continue to be big challenges in South Africa. In line with the country’s efforts to improve the employment prospects of young people, FNB says it continues to look at sustainable ways to assist youth and young talent in developing the necessary skills that will help them in the future. This year, as part of its annual Graduate Programme, the bank said it will provide 250 youth with work experience in fields such as information technology (IT), commerce, data and analytics, and engineering, etc. Donald Khumalo, FNB Human Capital Executive, says, "We've been running the Graduate Programme for several years, and it continues to play a critical role in nurturing business leaders of the future and producing the skills that South Africa desperately needs. “Our investment in young talent is consistent with our business ethos ‘How can we help you?’ as we recognise that a lack of work experience is often a barrier for young people seeking employment opportunities. Our focus on critical skills further affirms FNB's strategic ambition to build a platform business of the future." The FNB Graduate Programme supports, mentors and affords young people opportunities to contribute through participation in real business projects, innovations and engagements with experts around key initiatives. FNB has trained and supported over 1 000 graduates who are now senior leaders in some of its business units as CEOs, heads of departments, etc. The minimum requirement to get into FNB’s Graduate Programme is an undergraduate degree or an equivalent in any field. Joanna Preston, Head of Young Talent at FNB Human Capital, said, “Since the pandemic, the way we communicate, engage, attract, and select talent for our graduate recruitment has shifted.” “The move to a virtual way of working has given rise to a multitude of innovative ways of communicating and engaging students through interactive online events, digital interviews, assessments, as well as digital onboarding. "Since 2020, graduates have had the opportunity to work on over 20 different solutions, such as customer education in branches, spend classification on the FNB app, structured trade and commodity financing, chatbots, and analytics; this also includes other app-related improvements. “The extraordinary support from the teams in which graduates are placed leads to opportunities to unlock innovation, global competitiveness and social upliftment while creating connections and relationships that contribute to young people's prospects.“ ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.iol.co.za/business-report/careers/fnb-looks-to-provide-250-jobs-with-graduate-programme-04665896-a99a-40c2-bac8-278238286c15

Ntandoyenkosi Dlamini | 15 March 2023 Ayanda Sikobi will be starting a new role at the K-Line Shipping Company. PHOTO: SUPPLIED Ayanda Sikobi has been facilitating all of eThekwini Maritime Cluster's (EMC') Enterprise and Supply development programmes. The eThekwini Maritime Cluster (EMC) has bid farewell to Ayanda Sikobi who will be starting a new role at the K-Line Shipping Company. Sikobi, a former Marburg Secondary pupil, first joined EMC as an intern back in 2019 applying her trade in the Clusters Enterprise and Supplier Development (ESD) programme. eThekwini Maritime Cluster Managing Director, Zenzile Gwamanda, said being a beneficiary of the Training and Skills Development’s Graduate placement programme, Sikobi is a testimony and a success story for the EMC brand. She said Sikobi has been facilitating all of EMC’s Enterprise and Supply development programmes. “She graduated with a Bcom Honors majoring in Economics from Westville University. She co-authored an article with Massachusetts Professor Portia Ndlovu in Maritime Awareness. She was an Assistant Research for Professor Mickey Chasomeris of the University of KwaZulu-Natal GSB. In 2021, she completed her MSc in Maritime Affairs, majoring in Shipping Management and Logistics at the World Maritime University (WMU) in Malmo-Sweden, a postgraduate Maritime university founded by the International Maritime Organization, a specialised agency of the United Nations. A 14 months scholarship programme sponsored by the Transport Education Training Authority (TETA),” she said, adding that looking after the ESD portfolio, Ayanda excelled in her duties prompting the trust and belief of the management. Gwamanda said among the things Sikobi achieved while with the eThekwini Maritime Cluster included an Aquaculture entry level certificate (Gariep), Aquaculture Specialist certificate attained in Egypt; Speaker for the Xiamen (China) Nice-Durban Dialogue: Mutual Learning Among Maritime Civilisations For A Shared Future; Masters in Maritime studies from the World Maritime University. “I wish her a bright future ahead. While I hope our paths cross in the future, I wish her all the luck and prosperity in the world even if that does not happen. May you only meet good people and make the best memories. This is what EMC is all about. From the grassroots level to being an industry expert. The eThekwini Maritime Cluster has taken a mandate to contribute to the fight against youth unemployment by introducing programmes like the graduate placement programme. We’ve had many of these success stories and we want to continue and achieve greater than we have,” she said. She added: “My experience would tell me not everyone would be an entrepreneur or have their own businesses. Fortunately, at EMC we implement programmes focusing on all levels for the benefit of every individual in our society. The Graduate Placement programme will continue with the work done, placing graduates within the Maritime industry for work exposure, experience, and retained by the industry for continued growth,” said Gwamanda. Gwamanda said although Sikobi’s departure saddens them, she will be sadly missed, adding that everyone at EMC is happy for her because she has more promising possibilities ahead of her. “The EMC team wishes her the best of luck at her new job,” she said. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://southcoastherald.co.za/491512/maritime-career-for-local-woman/

Opinion | 15 March 2023 The National Rural Youth Service Corps (NARYSEC) at the occasion of the hand over of the Beaufort West Youth Hub, Beaufort West.Image: Kopano Tlape GCIS Increasing unemployment causes a lot of devastation in society as a whole, while impacting on a lot of issues, such as poverty, increased crime rates and also suicide-related deaths. The issue of unemployment is also derived from a lack of skill sets, illiteracy and not overlooking the lack of opportunity for those who have the required and necessary skills. As much as we can continuously blame the government for not being able to deliver on most of its promises, it is worth noting that there are efforts that government departments do to try and bridge the unemployment gap. To dent the scourge of youth unemployment, the Department of Agriculture, Land Reform and Rural Development introduced implementations to support and capacitate rural communities through the National Rural Youth Service Corps programme. Through this youth programme, the department equips rural youth with different skill sets ranging from leadership skills, civic engagement and social interaction. Since its inception, the programme has created a cohort of young, vibrant, disciplined and patriotic leaders who facilitate change within their communities. This is achieved by the fact that the recruited youth undergo skills training to equip them with different community-based skills that not only make them earn a living but contribute towards nation building. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.iol.co.za/the-star/opinion-analysis/national-rural-youth-service-corps-programme-aims-to-uplift-through-skills-development-24c4a555-0a9a-4ddb-a0d7-e9837a7c09bb

Johan Endres | 15 March 2023 NUM’s view is easy to digest, but BEE and cadre deployment are the real culprits The FM quotes the National Union of Mineworkers (NUM) as saying load-shedding is “a direct result of corruption at Eskom” (Features, March 2-8). It’s an alluring explanation, but it falls far short of explaining why South Africa is being starved of electrical power. It is easy to recognise the appeal of NUM’s claim: it is simple and easy to understand. It identifies a clear cause and implies that there is a simple solution: catch the criminals and load-shedding goes away. It is also a convenient fig leaf for the government to hide its culpability. The ANC’s cadre deployment policy places party loyalty above competence in appointments across the public sector and in state-owned enterprises (SOEs). As long as you are loyal, there is apparently no level of incompetence that will not be tolerated. BEE means that the best person is not necessarily appointed. Racial targeting counts for more than putting together a team that can get the job done, as results across all the SOEs have shown. Finally, preferential procurement rules allow racial criteria — rather than price, quality and the ability to deliver — to determine the winning bidder. This has allowed “non-value-adding intermediaries” (in the words of former Eskom CEO André de Ruyter) to interpose themselves in value chains, making costs skyrocket and Eskom financially unsustainable. The upshot is that Eskom is collapsing. To fix load-shedding, energy companies, including Eskom, need the freedom to hire the people they require and buy goods and services from suppliers that deliver on time, at the right quality and the right price. They also need to be allowed to get on with running their businesses without political interference. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.businesslive.co.za/fm/opinion/letters/2023-03-16-letter-its-not-corruption-alone-that-puts-the-lights-out/

Nelson Mandela once said, “Education is the most powerful weapon you can use to change the world.” The quote accurately describes the goal of the Skills Development pillar within B-BBEE legislation. What may seem like unnecessary expenditure is a doorway for recipients of Skills Development interventions gaining knowledge. The objective is to arm a recipient with the knowledge and skills to increase their individual capacity to provide opportunities, so they can meet their full potential, which will provide access to the economy. Let’s take a closer look at the categorisation of expenditure; this is in terms of the Skills Matrix under the Generic Codes of Good Practice (Codes). Mandatory Training Any training necessary for an organisation to operate is referred to as Mandatory Training. An organisation can cross-check these requirements against the sector-specific Skills Statements for each sector. These expenses may not form part of an organisation’s Skills Development claim. However, if a Sector is silent on a matter, it reverts to the Generic Codes. Those measured on the Transport Sector Code are exempt from Mandatory Training and Absorption requirements as this sector code has not aligned with any of the amendments to the Generic Codes since 2013. To conclude, Skills Development holds multiple benefits for both organisations and ‘Black’ People alike whilst strengthening the principles of B-BBEE. Skills Development is the crux of empowering and developing ‘Black’ People to gain access to and strengthen the national workforce, which filters through to the economy.

Schalk Burger | 15 March 2023 The 4IR Experience Room on UJ's Auckland Park campus Energy management and automation multinational Schneider Electric and the University of Johannesburg (UJ) Faculty of Engineering and Built Environment have unveiled a Fourth Industrial Revolution (4IR) Experience Room on the university’s Auckland Park campus. The room is a practical demonstration of the inner workings of 4IR, its interconnectivity and relevance in sectors such as energy, and is focused on engineering faculty students, the company said. “The experience room offers real-time demonstrations of 4IR technologies, such as augmented reality, virtual reality, artificial intelligence and three-dimensional printers. Schneider Electric’s vendor-neutral ecosystem EcoStruxure is also on display, and the architecture encompasses connected products, edge control layers, apps, analytics and services in a myriad of sectors.” Schneider Electric products featured in the 4IR Experience Room include the Modicon M580 ePAC, which is a controller that enables hybrid manufacturers to achieve better, measurable and earlier return on investment. Further, the Altivar 630, which is designed for variable torque control, is featured in the room. It includes features such as pump control and monitoring, advanced drives for fluid and gas handling applications, and has embedded energy monitoring, information management and process optimisation. Additionally, Schneider Electric's PowerTags – compact, Class 1 wireless communication energy sensors that monitor and measure energy and power in real-time – are also featured. “4IR entails increased interconnectivity. We are seeing it in our factories, homes and classrooms. 4IR is not a shift in technological innovation, but is an intelligence revolution. The future is not something we enter. The future is something we create,” said UJ vice chancellor and principal Professor Letlhokwa Mpedi. “As part of the work that we do in South Africa, one of our main goals is to work with academia to bridge the gap between industry and academia. Once students exit prestigious universities such as UJ and enter the workplace, they are ready to take up the challenge and are practically trained in the technologies they find in industry,” said Schneider Electric training and education affairs global leader Zanélle Dalglish. The 4IR Experience Room is supported by the Schneider Electric Foundation and Schneider Electric, and is the latest in a number of successful projects by Schneider Electric and UJ since the establishment of their partnership in 2016. “The Schneider Electric Foundation’s initiatives are in line with the Schneider Sustainability Impact (SSI) targets and the United Nations Sustainable Development Goals. One of the SSI targets focuses on training and empowering one-million young people by 2025 and providing skills and entrepreneurial opportunities that benefit both the youngsters themselves and their local communities,” she said. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’ https://www.engineeringnews.co.za/article/schneider-electric-uj-open-4ir-experience-room-for-engineering-students-2023-03-15

Justine de Lange | 15 March 2023 Many factors contribute to a need for more jobs available. Our country is notorious for its extremely high unemployment rate, especially since reaching a staggering 35.30% in the fourth quarter of 2021, considered an all-time high. Many variables that do not currently relate to COVID-19-related issues are also significantly impactful to the unemployment rate, which we will detail shortly. For those curious, the unemployment rate has somewhat redeemed itself as of late, at 32.9% in the third quarter of 2022. However, some estimates have stated that the value may rise again in 2023, with a value of over 35%. This rise means a lack of job opportunities will impact more families. Knowing this potential looming threat of another increase in those without jobs in the country, it is helpful for individuals to understand what factors impact that value. Here, we discuss everything you should know about unemployment in the country, including five causes of unemployment and the causes of youth unemployment in South Africa. What is the issue of unemployment in South Africa? Specifically, the unemployment rate was 63.9% for South Africans aged 15-24 in the first quarter of 2022 and 42.1% for individuals aged 25-34, with the national rate at 34.5%. The Quarterly Labour Force Survey (QLFS), where the statistics were derived from, has highlighted that there is an apparent concern for the country's youth. What are the leading causes of unemployment? Globally, the main concerns that cause a lack of job opportunities are recession on a global scale, sky-high interest rates and an overall financial crisis. So, what are the five reasons for unemployment in South Africa? 1. Inadequate education and training The country's leading cause of unemployment is adequate education and training for specific job roles. Since our country generally needs more resources for guidance and apprenticeships, many need the essential information and skillset. 2. Limited entrepreneurship Significantly few individuals in the country have utilised entrepreneurial skills and gained financial independence for multiple reasons. One aspect is the need for more support for entrepreneurs. The other is that the legislation surrounding the process is complicated and expensive, limiting the accessibility for the standard or less-advantaged individual. 3. Mismatched labour supply and demand Since the country's population is over 61 million in 2023, many seek work, to no avail. This value does not equate to the number of job opportunities available since the job market is incredibly saturated with many needing jobs and little positions available. 4. Lasting impact of The Great Recession The Great Recession from late 2007 to mid-2009 had devastating effects globally for years after the fact. The slowdown of economic movement and labour filtered through job availability, with many losing jobs and struggling to compensate for the financial loss, even today. 5. High demand for trade unions This may be a surprise since trade unions are inherently considered positive since they protect workers' human rights through adequate pay and working conditions. However, many companies need to meet higher salary demands and, thus, let employees go to compensate. Social factors that contribute to unemployment in South Africa Perhaps one of the most significant factors socially could be the lasting mental effect that Apartheid/segregation had on the country. Although the financial and educational impacts are clear, the social implications of segregation have also played a role in the lack of job availability due to discrimination. Reasons for unemployment in South African youth include all of the factors mentioned above, yet have added stressors that can exacerbate the jobless concern: a lack of strong social networks that can help get one's foot into the job market. Youths are also often in homes where most, if not all members, are without jobs and, therefore, without the finances or ability to guide the youths living in the house towards the first steps into the job market. The reasons for unemployment in South Africa range from global issues that many countries face, such as inflation, to more country-specific problems directly related to South Africa, such as the lasting, devastating effects of Apartheid. Knowing the requirements of these concerns may help you avoid any downfalls, where possible. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://briefly.co.za/business-economy/154984-uk-economic-rebound-eases-recession-fear-budget/

Lowvelder | 15 March 2023 The college is focused primarily on training and developing employable and entrepreneurial skills. Courses are mainly related to technical occupations. The Ekurhuleni Artisans and Skills Training College (EASTC) started developing its programme and course a few years ago to equip people with essential skills, and is a leader in its field. Classes are given in a workshop environment and prospective students can register online. Courses are tailor-made to suit students: On completion of the course, the trainee will be competent in a specific field and will be able to start working immediately, either as an employee of a large corporation or even as an entrepreneur, and as a result, will be able to provide jobs to other less fortunate individuals. EASTC is a practical training centre that focuses strongly on employable skills training in various technical trades. We equip the students with the essential skills in a workshop environment over a period of 15 days, after which they will be competent to start work immediately. After successfully completing a short course with EASTC, students receive a semiskilled certificate, with which they must go and work in the trade for four years before they can apply to do their trade test to become a qualified artisan. We also update CVs on request and provide opportunities that can assist students with internships and job placements. Attending EASTC is an investment in the future. Nationally Accredited Technical Education Diploma (Nated) College: The EASTC Nated courses are accredited ones and are designed by the Department of Higher Education and Training. They are recognised by employers because they give students both theoretical and practical knowledge. Practical experience goes together with the theory that is taught at the college. Students are able to apply the knowledge they gain to real-life scenarios. Individuals who are educated and have practical skills are chosen by employers because of their valuable skills. The top five advantages of completing Nated qualifications are accredited courses, access to universities, skills, focus, practical experience and employment opportunities. EASTC Technical School: EASTC Technical School is Ekurhuleni’s first technocentric school, offering a Curriculum Assessment Policy Statement (CAPS) curriculum and several unique subjects, such as coding and robotics, from grades one to eight, and Grade R. Through a technology-centric curriculum, EASTC endeavours to equip learners with skills that are relevant to the global digital economy. We are an English medium school and part of the Independent Examination Board. We endeavour to equip learners with a balanced curriculum that prepares them for the real world, in which they can comfortably participate within the relevant industries with useful, relevant and employable skills within the global digital economy. Contact EASTC at 011 394 1488 or email queries@eastc.co.za. Visit the website at www.eastctechnicalschool.co.za for more information. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://lowvelder.co.za/816926/specialise-in-trade-skills-at-ekurhuleni-artisans-and-skills-training-college/

Staff Writer | 15 March 2023 The Department of Trade, Industry and Competition has opened the Draft Companies Amendment Regulations for 2023 up for public comment. Minister Ebrahim Patel gazetted the proposed changes this week, inviting relevant stakeholders to engage with the regulations that are set to become law. Stakeholders and interested persons are invited to submit comments in writing on the proposed regulations within fourteen days of the publication (deadline set for 24 March). Broadly, the proposed regulations aim to “improve the ease of doing business through well-established principles, achieve equity between directors and senior management and counter money laundering and counter-terrorism”. In practice, the changes would see companies needing to take more steps to certify certain processes, add checks and balances for conducting business, and ensure that beneficial interests are disclosed. The proposed regulations, specifically those dealing with money laundering and counter-terrorism, are a direct result of the General Laws Amendment Act, 2022, which was signed into law on 29 December 2022. The General Laws Amendment Act was part of a slew of new legislation to bring South Africa’s financial regulatory environment in line with international standards. It was proposed by Finance Minister Enoch Godongwana ahead of South Africa’s greylisting by the Financial Action Task Force (FATF). The new bill sought to bring South Africa in line with the recommendations made by the FATF and improve the country’s ability to tackle financial crime and corruption. To achieve this, it has set out to amend several pieces of legislation related to specific sectors, including the Trust Property Control Act, Nonprofit Organisations Act, Financial Intelligence Centre Act, and, notably, the Companies Act. Within the Companies Act, its regulations – some dating back to 2011 – are being amended to ensure further regulatory compliance and extra checks and balances for businesses in the country. For example, through amendments to Regulation 2 of the Companies Regulations (2011), new definitions have been provided for further clarity regarding certain definitions, such as the Financial Intelligence Centre and a ‘certified copy’. Regulations regarding forms and filing requirements with the Companies and Intellectual Property Commission (Regulation 5) are also expected to change, with the additional verification steps being brought on by the request of the commission at any time it deems fit. Under the proposed regulations, whenever information or documentation is filed with a regulatory agency, the company is required to no longer just provide a certified copy of relevant documentation but also have written confirmation that it is truthful and complete, as well as additional supporting information. When filing annual returns, or any other related filing, the new regulations provide that they be presented alongside a copy of the company’s securities register and disclosure of beneficial interests. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://businesstech.co.za/news/government/672863/new-rules-for-businesses-in-south-africa/