The B-BBEE Commission will in future take action against companies that are found to not comply with the B-BBEE requirements for transformation. Of approximately 400 listed JSE companies, only 27 have reported.
Section 13G of the Broad-Based Economic Empowerment Amended Act introduced the following reporting obligations:
All public entities and organs of state must annually report on their compliance with B-BBEE in their audited annual financial statements and annual reports.
All companies listed on the JSE, must report on their compliance in terms of B-BBEE, to the newly introduced B-BBEE Commission. The format of reporting is yet to be prescribed but given the requirement on public entities to do so in their annual reports, one can expect a similar requirement on JSE listed companies.
All SETA's must report to the Commission on skills development spending and programmes.
For further discussions on these elements, please contact firstname.lastname@example.org or contact Moore Stephens Cape Town BEE Services on 021 525 8600.