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B-BBEE: Understanding The Scorecard Elements 11 July 2019
The amended Financial Sector Code (FSC) was promulgated on 1 December 2017 to meet the objectives of the Broad-Based Economic Empowerment Act 53 of 2003. AVBOB Mutual Assurance Society will be measured on the amended FSC for its 2018 financial year. In terms of responsible corporate citizenship, the society strives to lead by example, which is why B-BBEE is taken seriously and has been given the necessary attention.
Eager to win their first or next big supply opportunity, SMMEs often fail to notice the fixed-term nature of their contract with a buying organisation. They also might not be aware of how critically important it is to take time to understand their buyer’s requirements and makeup.
The Time To Lead Is Now 11 July 2019
Our economy and business environment remains arduous and gruelling. However, our current status is the new norm. We need to prepare our business and people to become match-fit for a completely different game, one that’s constantly changing and requires new, digital skills. No longer is it one message to a million people, but rather a million customised messages. If you want to be a successful contemporary brand, you cannot stand still, and I predict it will remain tough for the next few years, especially for those who cannot change, invest or commit to a long-term vision and purpose.
The true north of our country is economic prosperity for all who live in it. The spirit of B-BBEE has had the most impact towards us achieving this collective vision. At its core, B-BBEE policy ensures that all those who had been previously excluded are now able to participate in this vision. As a result, a B-BBEE compliant company signifies their buy-in.
Important further amendments to the Amended B-BBEE Codes of Good Practice by Gideon Gerber 20 June 2019
With the Department of Trade and Industry having been combined with that of Economic Development, the former minister of Trade and Industry – Rob Davies – has been replaced with Ebrahim Patel. As one of his last official duties, Davies saw the Amended B-BBEE Codes of Good Practice being gazetted on 31 May 2019.