What is B-BBEE?*

Since 1994, Broad-Based Black Economic Empowerment (B-BBEE) has been adopted as an initiative of the South African Government aimed at promoting economic transformation in order to enable meaningful participation of black people in the economy. The BEE Act of 2003 outlines the required targeted areas of development within the South African economy. These key development areas have measurable outcomes in ensuring a path to greater broad-based and effective economic participation, the right to equality, increased employment, more equitable income distribution, economic unity of the nation, equal opportunity and access to services and protection of the common market place.

In February 2007 the Codes of Good Practice on B-BBEE were gazetted and released to provide a clear and comprehensive framework for the measurement of Broad-Based BEE across all sectors of the economy. The Codes specifically set about defining the seven measurable scorecard elements of Ownership, Management, Employment Equity, Skills Development, Preferential Procurement, Enterprise Development and Socio-Economic Development.
Reference: Website- Department Trade and Industry, Republic of South Africa