03 Mar Why were the Sector Codes Developed?
The Sector Codes were developed for certain specific industries as there would be difficulty in achieving relevant scores against the codes of Good Practice. The codes have allowed for the introduction of industry or sector specific codes. There is a slight difference from the general Codes of Good Practice.
The Sector Charters have been developed by major stakeholders in the relevant industries which detail principles, guidelines and methodologies related to each industry.
Certain goals have been identified within these economic sectors to contribute and promote B-BBEE within these specified economic sectors. These companies must be evaluated in terms of these Gazetted Charters. The criteria for scoring is more aligned to industry specific objectives and professional guidance in the process would ensure that the goals of Broad-Based Black Economic Empowerment are achieved. Businesses that fall under the following sectors will need to be measured under their specific charter.
• ICT (Information and Communication Technology)
• Chartered Accountancy
• Financial Services
Each sector charter needs to ensure that they are aligned to the B-BBEE Act and Codes of Good Practice and function to promote the B-BBEE act. It is hoped that their combined contribution will promote
1. Investment that will lead to black people participating in the economy.
2. Encourage more black participation including women in skilled positions in companies as well as black ownership and management.
3. Access to finance to assist with black entrepreneurship.
4. Uplift rural and local communities
B-BBEE is a continual process no matter which business sector one falls under. Continued participation will help to initiate change and growth for all parties involved.