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Economic Empowerment

 

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Institutional Support for B-BBEE

The implementation of B-BBEE is supported by a number of institutions. The Broad-Based Black Economic Empowerment (B-BBEE) Act (Act No. 53 of 2003) [PDF] makes provision for the establishment of the B-BBEE Advisory Council. The Council, Chaired by the President of the Republic and administered by the dti, is responsible for advising government on the implementation of Black Economic Empowerment (BEE) and review of progress in the achievement of BEE targets.

The National Empowerment Fund (NEF) enables, promotes and implements innovative investment and transformation solutions, to advance sustainable black economic participation.

In the interests of balancing verification practices and ensuring consistent technical competence, the BEE Verification Agencies are required to undergo accreditation. the dti collaborates with the South African National Accreditation System (SANAS) in this regard, to harmonise accreditation and verification practices, thereby enhancing South Africa's economic performance and transformation.