UPDATE ON CHANGES TO BROAD-BASED BLACK ECONOMIC EMPOWERMENT

Thursday, October 30, 2014
  • SHARE THIS ARTICLE

The Broad-Based Black Economic Empowerment Amendment Act 46 of 2013 (the Amendment Act), which amends the Broad-Based Black Economic Empowerment Act 53 of 2003 (B-BBEE Act), came into effect on Friday, 24 October 2014. Importantly, for sectors such as mining and petroleum in which legislated Charters govern B-BBEE at the moment, section 3(b) of the Amendment Act, will only come into effect on 24 October 2015. This section provides that the Amendment Act prevails over any other act in force before its commencement if the conflict specifically relates to B-BBEE. This now places a definite deadline to the much spoken of alignment of such Charters, which is underway at present.

Read further