Broad-Based Black Economic Empowerment
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Blue Phakwe Consulting is headquartered in South Africa and has to operate within the legislative requirements of South Africa. One such requirement is for businesses to meet the requirements of Broad-Based Black Economic Empowerment (B-BBEE).
At the time of compiling this section, there is an excerpt from the web page of South Africa’s Department of Trade and Industry that outlines the rationale behind Broad-Based Black Economic Empowerment as follows:
“South Africa’s first democratic government was elected in 1994, with a clear mandate to redress the inequalities of the past in every sphere: political, social and economic. Since then, government has embarked on a comprehensive programme to provide a legislative framework for the transformation of South Africa’s economy. In 2003, the Broad-Based Black Economic Empowerment (B-BBEE) Strategy was published as a precursor to the B-BBEE Act, No. 53 of 2003. The fundamental objective of the Act is to advance economic transformation and enhance the economic participation of black people in the South African economy.
The Act provides a legislative framework for the promotion of BEE, empowering the Minister of Trade and Industry to issue Codes of Good Practice and publish Transformation Charters, and paving the way for the establishment of the B-BBEE Advisory Council.”