New BBBEE legislation Act

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The BBBEE Amendment Act sets out to establish the BBBEE Commission that will monitor and enforce compliance with the BBBEE legislation.

The amended Act also provides for the creation of incentive schemes to support black-owned and managed enterprises and promotes the compliance by organs of State and public entities to BBBEE legislation.

The Portfolio Committee on Trade and Industry welcomes this decision, and committee chairperson, Joanmaraie Fubbs, says the amended legislation will significantly transform the economy and enable a more inclusive society.

“This new piece of legislation is expected to enhance broader economic participation and to support and protect vulnerable parts of society,” she says.