The B-BBEE Commissioner
The Broad Based Black Economic Empowerment Commission was established as an entity within the administration of the Department of Trade & Industry to oversee the implementation of the B-BBEE Act, including investigating any matters arising from the application of the Act such as fronting.
Who must report to the Commissioner?
Must file audited annual financial statements and annual report compiled in terms of Section 13G
- Public Companies
Must submit a compliance report required to be included annually in terms of Section 13G of the Act
Must submit report annually on skills development spending and programs
- The Department of Trade & Industry
The Minister of Trade & Industry must within 30 days of receipt of reports by Sector Charter Councils submit such sector report to the B-BBEE Commission for consideration
The DTI lowered the threshold for major B-BBEE ownership transactions from R100 million to R25 million.
A major B-BBEE transaction means any transaction between entities that result in ownership recognition in terms of Statement 100. The threshold is registering the transaction with the B-BBEE Commission based on the transaction value excluding administration, professional and legal fees.
According to the gazette, all transactions with a value equal to or exceeding R25 million must be registered with the B-BBEE Commission.
Transactions concluded before 24 October 2014 may be voluntarily registered with the B-BBEE Commission. The threshold excludes transactions under Code Series 103 of the Amended Codes of Good Practice
Violation of the Act
Up to 10% of annual turnover
Jail time of up to 10 years
- Legal Exposure
Getting sued of blacklisted in business