Non-Compliant JSE Listed Companies

April 21, 2017

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 bbbee@msct.co.za or contact Moore Stephens Cape Town BEE Services on 021 525 8600.

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