New deadline for B-BBEE Codes of Good Practice transitional period
The minister of trade and industry has amended the transitional period for the new B-BBEE Codes of Good Practice, which will now end on 30 April 2015. During this period, a measured entity may elect to have its B-BBEE compliance measured in terms of the new B-BBEE Codes of Good Practice or the old B-BBEE Codes of Good Practice of 2007.
As reported in other articles on HR Pulse, the revised B-BBEE Codes of Good Practice provide for five elements as opposed to the seven that were provided for in the original codes. The five pillars are:
- Ownership,
- Management control,
- Skills development,
- Enterprise and supplier development, and
- Socio-economic development.
The extension of the transitional period gives companies additional time to implement solutions to improve their BEE ratings under the revised B-BBEE Codes of Good Practice.
We also understand that the department of trade and industry has requested that all sector codes be aligned with the revised B-BBEE Codes of Good Practice by the end of the transitional period so this extension may be aimed at that process as well.
