What are the objectives of the B-BBEE Act?
(Broad-Based Black Economic Empowerment Act, 2003 and as amended in 2013. Government Gazette No. 25899 of 9 January 2004)
What are the objectives of the B-BBEE Act and how does one apply substance to the intent of the act? What is the intent of the B-BBEE Act?
The answers to these questions are actually in the act. Section 2 of the act states the following:
The objectives of this act are to facilitate broad-based black economic empowerment by –
a) promoting economic transformation in order to enable meaningful participation of black people in the economy.
b) achieving a substantial change in the racial composition of ownership and management structures and in the skilled occupations of existing and new enterprises.
c) increasing the extent to which communities, workers, cooperatives and other collective enterprises own and manage existing and new enterprises and increasing their access to economic activities, infrastructure and skills training.
d) increasing the extent to which black women own and manage existing and new enterprises, and increasing their access to economic activities, infrastructure and skills training.
e) promoting investment programmes that lead to broad-based and meaningful participation in the economy by black people in order to achieve in sustainable development and general prosperity.
f) empowering rural and local communities by enabling access to economic activities, land, infrastructure, Ownership and Skills.
g) promoting access to finance for black start-ups, small, medium and micro enterprises, co-operatives and black entrepreneurs, including those in the informal business sector and
h) increasing effective economic participation and black owned and managed enterprises, including small, medium and micro enterprises and co-operatives and enhancing their access to financial and non-financial support.
When interpreting aspects of the B-BBEE legislation, one needs to follow the intent, by saying we need to follow the intent is to say that the intent should service or promote an objective of the act.