03 Mar BBBEE Revised Codes of Good Practice-A Focus on the Future
South Africa has celebrated 20 years of democracy. The new South Africa is still very much a young democracy with lessons learned and many sure to follow.
With the country voting next month on the 7th May 2014, fellow South Africans will be able to vote and make their opinion known on their feelings of the state and leadership of the country. This will be our first democratic vote without the nations beloved icon Nelson Mandela taking part.
Business big and small will be following the newly revised Code of Good Practice which was initiated in October 2013 with a transitional period of 12 months. Business is starting to implement and familiarize themselves with these changes which are hoped to “bring about significant increases in the number of black people that manage, own and control the country’s economy, as well as significant decreases in ethnic inequalities” according to the Department of Trade and Industry.
There is a strong sense that the revised code will contribute to a better South Africa for the many that have not yet experienced the reality of the country’s previous old codes. It is also hoped that the revised codes will aid to promote and stimulate economic growth and inclusivity in order for South Africa to emerge as a country that serves each and every citizen.
On the 18th of March 2014, the transitional period was extended to 30 April 2015 which should bring relief to entities wanting to ensure that they are fully versed in order to comply with the revised codes.