Moneyweb News

Empowerment

Author: Moneyweb |

28 November 2012 17:09

Dti withdraws hotly contested BEE code related to charities

Article tools

Print
Send
Subscribe to newsletters
Feeds

Decision comes after several stakeholders express concern.

JOHANNESBURG - The Department of Trade and Industry (dti) on Wednesday said that it has withdrawn the hotly contested and highly emotive proposed changes to the broad-based black economic empowerment (BBBEE) codes dealing with socio-economic development.
 
This comes two weeks after the department issued a press release defending the proposed changes. Under the revised codes, businesses would only receive points towards their BEE scorecards if socio-economic development spend went to charities with 100% black recipients.
 
In a statement released on Wednesday, the dti said: “The decision comes after several stakeholders expressed concern that Statement 500 has been interpreted to mean that charities will be adversely affected, resulting in rising anxiety for charity and beneficiary organisations.

“The fact that the dti announced previously that the department will not ‘raise the bar’ and correct any unintended interpretation upon completion of the public consultation period closes on Wednesday, 5 December 2012, has not eased this anxiety. The department therefore concluded that withdrawing the statement immediately would be the most appropriate response.
 
“In practice this means no change to the socio-economic developments elements,” the statement read.

Topics: dti, Department of Trade and Industry, BEE codes, socio-economic development



Site comments powered by Disqus




JSE Today
All Share
Daily indicators
Winners & Losers
All share

Blogs

Magnus Heystek

Property: the good,the bad and the ugly

Residential property in a seven-year bear market.

Go forth and plunder

SA’s Ponzi pandemic.

Soapbox

Listening is wanting to hear

Protech Khuthele a prime example of lack of oversight?

NEXT ON MONEYWEB X