What is B-BBEE?
Broad-Based Black Economic Empowerment is a form of Economic Empowerment initiated by the South African government in response to criticism levelled against Narrow Based Empowerment instituted in South Africa between 2003 and 2004. While Narrow Based Black Economic Empowerment led to the enrichment of a few previously disadvantaged individuals, the goal of Broad-Based Black Economic Empowerment is to distribute wealth across as broad a spectrum of previously disadvantaged South African society as possible.
Therefore, B-BBEE aims to promote 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.
- Access to services.
- Protection of the common market place.
Furthermore, the revised 2013 B-BBEE Codes of Good Practice (attached below) defines the framework for the measurement of broad-based BEE across all sectors of the economy. The Codes specifically set about defining the five (5) new measurable scorecard elements of:
- Management Control.
- Skills Development.
- Enterprise and Supplier Development.
- Socio-Economic Development.
Overall, B-BBEE aims to ensure that the economy is structured and transformed to enable the meaningful participation of the majority of its citizens and to further create capacity within the broader economic landscape at all levels promoting the entry of black entrepreneurs into the mainstream of economic activity, and the advancement of co-operatives. With all of the above in mind, Analytical Solutions has always ensured that we have met these criteria and have been audited annually with the result being a Level 2 Contribution to B-BBEE equating to a recognition level of 125%. (BEE certificate attached below).
Analytical Solutions is audited annually by BEE Rating Solutions, an accredited B-BBEE Rating Agencyhttp://www.beeratingsolutions.co.za/