President Cyril Ramaphosa has described the inaugural meeting of the Presidential Broad-Based Black Economic Empowerment (B-BBEE) Advisory Council as a game-changing event of high importance.
He said it was a milestone in the long journey the country had traversed since the Black Economic Empowerment Commission had produced its seminal report 22 years ago.
Making the remarks at the inaugural meeting of the Council on Tuesday, Ramaphosa said the meeting bore testament to the government’s years of hard work, in collaboration with the private sector, to advance progressive legislation to transform the economy.
He added that the council would review progress around B-BBEE and advise on the Draft Codes of Good Practice that the Minister would be publishing for public comment.
Among other things, the council will also be reviewing sector charters and providing advice on draft transformation charters such as the Draft Legal Services Charter that will soon be published for public comment.
“With regards to B-BBEE and employment equity, there has been substantial progress with regards to the representation of blacks and women in the workplace, including in senior management, in both the public and private sectors.”
He said the government’s efforts to transform the economy had resulted in more black South Africans and women owning and managing businesses and having stakes in large companies.
He added that the worker shareholder regime was improving and small businesses also benefited from preferential state procurement, receiving a range of support to grow and expand.
“At the same time we know we are not as far as we hope to be and that is why the work of this Council will be critical.
“When we speak about the next frontier we are talking about a new vision for B-BBEE that builds on successes, that learns from shortcomings, and that is both agile and adaptive in response to the realities of the national and global economies,” Ramaphosa said.
“It is our expectation that this council will assist us as government to enhance the implementation of B-BBEE and associated policy such as the Codes of Good Practice, the Sector Charters, and recent instruments like the dtic’s Black Industrialists Programme and Worker Ownership requirements.
Next year the country marks 20 years since the promulgation of B-BBEE legislation.
“As we journey towards this occasion, we want to see the council at the forefront of advocacy campaigns, especially to counter negative narratives that are gaining traction around B-BBEE We are looking forward to hosting the Black Industrialist Conference later this month,” Ramaphosa said. – SAnews.gov.za
