On 21 July 2017, The Minister of Trade and Industry Gazetted Draft Statement 005 of 2017 for public comment. The Draft Statement 005 seeks to regulate the B-BBEE Verification. In doing so, it will ensure consistent applications across all fields of B-BBEE Legislation.
The Minister has indicated that the terms "Approved Regulatory Body and Approved Registered Auditor” are being incorporated.
According to Minister Davies, the Statement introduces significant concepts of Standards of Ethical Conduct as well as key concepts of Standards of Education Requirements and Accreditation of Rating Agencies.
Some concerns include: the introduction of the “BBBEE Capacity Development Programme” which will replace the prior “BBBEE Management Development Programme (MDP)”. There is no clarity if all Verification Professionals need to complete this programme, despite the accomplishment of the MDP, before they may continue verification. This may inevitably result in further delays as well as backlogs in completing a BBBEE verification for a company. The handful of SANAS accredited verification agencies left after the withdrawal of IRBA has already contributed to this.
Reference has also been made to the Amended Codes Verification Manual, which is still not finalised and clarified.
It is however evident that there are many new developments taking place in the BBBEE sphere...this after a long period of uncertainty.
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