Amended BEE codes will drive growth - dti

Driving South Africa’s economy towards growth is the aim of the amended Broad-based black economic empowerment (B-BBEE) codes, said Jacob Maphutha, director of BEE Partnerships with the department of trade and industry.



Speaking at the annual Road Freight Association (RFA) conference in Durban yesterday, he said the amended codes, signed off by President Jacob Zuma in January this year, would only apply to companies with an annual total revenue of R10 million per annum or more but would require a compliance subminimum level of 40%.



“The aim of the changes is to not burden small businesses with legalities, but to focus on growing their businesses so that they can create jobs. That is what we need to grow the economy of the country.”



Maphutha said big industry however would be held strictly accountable, with major penalties imposed on anyone found guilty of fronting.

“We want to effect real change in the country and therefore we have amended the B-BBEE Act to bring about the growth and the transformation that this country needs to move forward.”