The Broad-Based Black Economic Empowerment (B-BBEE) Commission is determined to promote and enable economic transformation in order to ensure meaningful participation of black people in the economy. This was said by the Director of Compliance at the B-BBEE Commission, Ms Busisiwe Ngwenya. She was speaking at the first provincial awareness roadshow held in Daveyton, Gauteng earlier today.
Ngwenya said in order to realise an inclusive industrialised economy that is globally competitive, South Africa and its economic citizens needed to achieve a substantial change in the racial composition of ownership and management structures. She added that this was applicable also to the skilling of blacks, especially with scarce skills, so they can participate meaningfully in the economy and management structures.
According to Ngwenya, the B-BBEE Act is not simply a moral initiative to redress the wrongs of the past but a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream.
“The B-BBEE Amendment Act of 2013 and the Commission, seek to increase the extent to which the previously disadvantaged own and manage businesses and increase access to economic activities, infrastructure and skills development as well as training. It also looks at issues of ensuring alignment of B-BBEE policies, compliance with legislation and enforcement where contravention is determined, with sanctions where applicable,” she added.
Ngwenya said the Commission aims to increase knowledge of the nature and dynamics of the workings of different sectors for attainment of its vision, which is of inclusive economy by all for global competitiveness.
“The more people know, then incidences such as fronting will be minimised and people will start doing the right thing on B-BBEE. Our people need to know that there are elements that determine B-BBEE recognition status such as ownership, management control, skills development, enterprise and supplier development and socio-economic development that need to be adhered to,” said Ngwenya.
She highlighted that all businesses needed to know that misrepresenting a business as black-owned and run in order to secure contracts, although the real decision-making is done by white people, who also reap the financial benefits was unlawful. Ngwenya said fronting is a criminal offence under the amended Broad-based Black Economic Empowerment (B-BBEE) Act and will be acted upon when determined.
The roadshow will also be taken to other parts of the country to ensure that awareness is raised about the Commission and the Act.
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