National Black Economic Empowerment Act, 2003

South Africa Current 2012

Amended in 2012, the National Black Economic Empowerment Act sets out a national framework for the promotion of broad-based black economic empowerment (BEE) and requires progress reports to be submitted to government. Reporting against the criteria of this Act and the associated charters has influenced the structure of  non-financial reports by some companies. Enterprises may be rated based on gazetted BEE scorecards. The 2012 amendments sought among others to improve definitions; clarify interpretation; promote compliance by organs of state and public entities and  strengthen the evaluation and monitoring of compliance; and to establish the Broad-Based Black Economic Empowerment Commission to deal with compliance.

Scope

Social

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

All organizations

Issuer type

Business/Trade/Industry

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners