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BBBEE: Reality or dream?

Tenk LoubserAll verification agencies, of which there are about 20 at present, are required to use the verification manual published on 11 July 2008 when performing BBBEE verification. Implementation of the guidelines contained in the manual will ensure that verification certificates are based on valid and accurate information. This development should put paid to the common corporate excuse that verification agencies are unable to deliver the required compliance assessments. The framework for Broad-based Black Economic Empowerment (BBBEE) accreditation and verification was published in the Government Gazette of 9 February 2007. Now many people believe that BEE has not been effective and that it is unable to produce the required results. Dr Moeletsi Mbeki even stated that the BBBEE policy entrenches our country’s shocking economic inequalities by creating a culture of cronyism and entitlement, thereby discouraging black entrepreneurship and education while millions of people remain trapped in poverty. Dr Mbeki and others view BEE in the same light as informing blacks that they don’t have to build their own businesses and don’t have to take risks, because whites will provide them with jobs and shares in their companies. At Exceed we believe that BEE is here to stay and that all involved should join forces to address policy issues. For more information on BEE-related matters, please contact Mr JS (Tenk) Loubser on tel. 021 808 7220 or e-mail tenk@exceed.co.za.