B-BBEE Developments

On 25 May Webber Wentzel issued an update in respect of the targets indicated as years 6-10 in the B-BBEE Codes of Good Practice coming into force. You can read this update by clicking here. By way of background, on 7 February 2012 the Minister of Trade and Industry issued a notice providing clarity on when the targets for years 6-10 would be applied. The notice erroneously included reference to "0-6 years" as opposed to "6-10 years", and contained no definition of "measurement period". The notice did explain that the new, higher targets would be applied to all entities whose measurement period ended after 9 February 2012. This was understood to imply that if your financial year end was, for example, 29 February 2012, your next verification would use the targets for years 6-10.