Can You Continue To Claim Points On The Ownership Element After The Sale Or Loss Of Shares Held By Black Participants?

In short, yes. According to the B-BBEE Act, including relevant legislation, the rule of “once empowered, always empowered” determines that a company is permitted to recognise a portion of black (as defined by the applicable Act) shareholding after the sale or loss of shares held by black participants. There are, however, a few requirements which... Read More

BEE, FAQ

June 17, 2022

Solutions for Multinational Companies on the Ownership Element

According to the Codes of Good Practice, all entities operating in South Africa need to contribute toward the objectives of Broad-Based Black Economic Empowerment, known as B-BBEE. This includes the Ownership element, which poses a problem for a Multinational Company (a foreign-owned company). First, we need to look at the definition of a Multinational Company.... Read More

BEE, LATEST

June 1, 2022

Episode 121: Amended BEE Sector Codes And Reporting To The Financial Sector Transformation Council (FSTC)

SEESA BEE & Labour Legal Advisors, Edmund Drake and Chanté du Plessis discuss the amended BEE Finance Sector Codes and when it is required to report to the Financial Sector Transformation Council (FSTC). They also discuss the scope of application, the different thresholds and the elements within the Amended Finance Sector Codes. Click on the... Read More

BEE, LATEST, Podcast

May 26, 2022

DYK – It Is A Requirement To Submit A B-BBEE Certificate When Applying For A Liquor Licence?

The Department of Trade and Industry (DTI) requires an entity to be registered with the National Liquor Authority if they wish to trade as a manufacturer or distributor of liquor. The (DTI) requires that several documentation and requirements be submitted to proceed with an application to obtain a manufacturer or distribution license. An essential requirement... Read More

BEE, DID YOU KNOW

May 24, 2022

Findings Of The B-BBEE Commission Annual Conference

The annual conference of the B-BBEE Commission was held on the 1st of April 2022. The conference’s purpose was to reflect on the 18 years in which the B-BBEE codes have been applied and the period after which the Commission was established. The conference’s main aim was to reflect on the challenges faced, progress made... Read More

BEE, LATEST

May 20, 2022

Does The Size Of My Company Matter For B-BBEE Purposes?

There is a common misconception or misunderstanding that companies have regarding B-BBEE and the level that they will receive. Most companies believe that should they be 100% or 51% black-owned, they would receive an automatic level 1 or 2 based solely on their ownership and, that no other element in the B-BBEE scorecard must be... Read More

BEE, LATEST

May 4, 2022

Episode 117: Understanding the B-BBEE Scorecard Priority Element

SEESA BEE Legal Advisors Cherise Goeveija and Eileen du Preez discuss the sub-minimum requirements for B-BBEE priority elements. They also focus on the different sectors and how the discounting principle applies. Click on the play button below to listen to our podcast! Contact your SEESA BEE Advisor to assist your business with any BEE related... Read More

BEE, LATEST, Podcast

April 25, 2022

What Is The Consequence Of Not Reporting To The Financial Sector Transformation Council?

All financial institutions under the Amended Financial Sector Codes must report annually to the Financial Sector Transformation Council (also known as the FSTC). The aim of reporting is for the Council to establish and report on the transformation in the specific sector. Failure to report will cause the entity to automatically be subjected to the... Read More

BEE, FAQ

April 22, 2022

B-BBEE Transport Sector: Ensuring Compliance Under The Road Freight Sub-Sector

The B-BBEE Transport Sector includes many sub-sectors such as Road Freight, Aviation, Rail, Coach, etc. This sector is unique because the amended codes have not yet been gazetted, and entities under this sector will therefore be measured on the old Transport Sector Codes. For this reason, there are differences in the relevant thresholds and certain... Read More

BEE, LATEST

April 21, 2022

DYK – Your Company’s BEE Verification Can Be Done On Your Management Accounts

Many companies have experienced some frustration in the delay in waiting for their financial statements to be audited, signed and ready to be submitted for their BEE verification. Companies sometimes require that their BEE verification be done before finalising their audited financial statements for other reasons such as submitting tenders or keeping of contracts. There... Read More

BEE, DID YOU KNOW

Can You Continue To Claim Points On The Ownership Element After The Sale Or Loss Of Shares Held By Black Participants?

Solutions for Multinational Companies on the Ownership Element

Episode 121: Amended BEE Sector Codes And Reporting To The Financial Sector Transformation Council (FSTC)

DYK – It Is A Requirement To Submit A B-BBEE Certificate When Applying For A Liquor Licence?

Findings Of The B-BBEE Commission Annual Conference

Does The Size Of My Company Matter For B-BBEE Purposes?

Episode 117: Understanding the B-BBEE Scorecard Priority Element

What Is The Consequence Of Not Reporting To The Financial Sector Transformation Council?

B-BBEE Transport Sector: Ensuring Compliance Under The Road Freight Sub-Sector

DYK – Your Company’s BEE Verification Can Be Done On Your Management Accounts

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