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The South African government has developed a transformation strategy supported by legal structures, aimed at fostering and encouraging Broad-Based Black Economic Empowerment (BEE) in all levels of the economy. Whilst BEE compliance is technically not compulsory for privately-owned businesses, the following measures act as drivers of BEE and promote its implementation:
Appropriate and sustainable BEE implementation has to be based on a BEE strategy that is aligned with other business objectives.
BEE strategies have to be implemented by a well-informed management team that has been capacitated to effectively execute chosen action plans and record relevant activities and spending.
Directors and managers have to stay informed on changes to the regulatory framework related to BEE and the progress of the business toward stated BEE objectives.
The careful selection of a BEE verification agent and thorough preparation for BEE audits can enhance an entity’s performance in BEE verification exercises.