Published by AQRate KZN
Most companies are currently having their final verifications performed on the Original Codes of Good Practice before the more stringent Amended Codes come into effect on the 1st May 2015. One can understand this when one sees that 65 points on the old system achieved a Level 4 (B-BBEE) status but would now only achieve a Level 7 status. Let’s not forget the impact of the discounting principle and not meeting any of these sub-minimums would mean one more level down –
Unless strategies are put in place your current Level 4 will very likely be a Level 7 status at your next verification (and that is only if you are 100% compliant on the remaining elements!!!).
AQRATE SPECIALIST SKILLS ACKNOWLEDGED
AQRate Verification Services and its sister company Africandi Business Solutions were retained to assist 3 Sector Charter Councils with the amendments and drafting of their Sector Codes i.e.
- Forestry Sector Codes
- Property Sector Codes
- Tourism Sector Codes
We believe that this is an amazing feather in our cap and proves once again the leading role that we play in the industry. Certainly all companies falling within these sectors may rest assured that we are specialists in these fields having been integrally involved with the development of these Codes.
1ST MAY IMPLEMENTATION DATE OR ANOTHER DELAY?
This is probably the question we are asked the most often, will these Amended Codes and all Sector Codes really become effective on the 1st May 2015. A well known BEE Consultancy recently advised that there would be a delay and this was refuted in the strongest of terms the following day by the Dti. We believe that the Dti will continue to pursue the 1st May 2015 implementation date One of the solutions that have been suggested is that all current Sector Codes will be repealed before the 1st May 2015 and that on the 1st May 2015 everyone will use the Amended Codes of Good Practice until their particular sector code has been amended and gazetted. Our advice to our stakeholders is to continue with the 1st May 2015 in mind and utilise the second half of this year to plan and put strategies in place in ample time to meet the requirements of the New Codes whenever they become effective .