B-BBEE Codes of Good Practice
Stimulating competition and innovation
The amended codes of good practice for broad-based black economic empowerment (B-BBEE), coming into effect on 1 May, can stimulate much-needed competition and innovation in the economy due to their focus on supplier and enterprise development.
Many companies have been scrambling to ensure they have updated empowerment certificates in place prior to the deadline of 1 May as this will ensure that they do not have their B-BBEE Ratings reduced under the more stringent amended codes. However, Deloitte cautions that companies which don’t have an effective long-term empowerment strategy in place could fall behind their competitors that have proactively embraced the codes, by at least one to three years.