Revised Codes of Good Practice

The Revised Codes of Good Practice have finally been Gazetted on 11 October 2013. You can access them Here to download or view. There will be a transition period of 12 months which means they will come into effect on 11 October 2014.

Your B-BBEE strategy for 2014 and the Revised Codes of Good Practice

By now you have been bombarded with what to expect in terms of the New Codes of Good Practice. Your next step should be to practically implement these changes and be prepared for your first scorecard under the Revised Codes of Good Practice after 11 October 2014.

You first step should be to complete your current scorecard under the existing Codes of Good Practice as soon as possible

Final word on Management Control in the Revised B-BBEE Codes of Good Practice

Management Control and Employment Equity are now combined under one element in the codes called Management  Control and counts 19 points. This was one of the two combinations that brought the seven elements under the current codes down to five elements under the new codes. There are no sub minimum targets required under this element.

Final summary of the main points in the Revised B-BBEE Codes of Good Practice

The final version of the New Codes of Good Practice were published on Friday 11 October and that put an end to all speculation. The main features will be dealt with in this e-mail and we will send you a more detailed e-mail dealing with the different elements  on a weekly basis  over the next few weeks.

-The currents scorecard of 7 elements has been consolidated into a scorecard of 5 elements for both QSE and Generic Companies as below:

B-BBEE Amendment Bill and the Revised Codes of Good Practice

What is the difference between the B-BBEE Amendment Bill and the Revised Codes of Good Practice?The B-BBEE Amendment Bill will be the new B-BBEE Act of 2013 and will replace the B-BBEE Act of 2003. It is currently with the Council of Provinces for approval before the State President  sign it off and the new act will be law. We expect this to happen any day now as the end of July rumored deadline has now been passed. This act is primary legislation with a trumping clause that will take legal precedence over any B-BBEE related matter.

Do you know if you are fronting?

It is important that you know and understand what fronting is and limit your business risk if you are doing this unknowingly.  In the previous email we gave you the definitions of fronting and explained the consequences of these actions. This time round we will deal with examples of what could be seen as fronting.

 

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