BEE milestone passes without comment

FEBRUARY 9 should have been a big day in the life of the BEE codes, but it passed without comment from dti, or the Association of BEE Verification Agencies, according to Keith Levenstein of rating agency EconoBEE. It marked the end of the “transitional period”. According to the legislation, there is now only one way for any enterprise to record its BEE status – by filling in a scorecard, using either the Generic scorecard/QSE scorecard or EME Exemption Status. “During the transitional period, enterprise could rely on their black ownership, and management to build up a scorecard. This is no longer available. Full broad-based black economic empowerment is the only legal route to go,” says Levenstein. There are still many issues around interpretation of the broad-based codes that make it difficult for enterprises to accurately assess their status. What companies must be doing, however, is keeping meticulous records of all activities relating to the BBBEE codes. The codes state that you must have/keep sufficient and suitable documentation in order to claim points. Unless you can substantiate the money spent, or time spent, you cannot earn any points. “You should be able to provide exact details of the date, the value (in money or time or professional effort etc) and the activities – training, enterprise development, socio-economic development,” he says.