BROAD-BASED BLACK ECONOMIC EMPOWERMENT:
South Africa is one of the most unequal countries in the world. We have one of the highest per-capita expenditure Gini coefficient in the world of 0,65 (measured in 2015).
The stated fundamental objective of the government’s BBBEE programme is to advance economic transformation and enhance the economic participation of black people in the South African economy.
The BBBEE Act and the Codes promulgated pursuant to it do not impose legal obligations on firms to comply with specific targets. The Codes merely provide a methodology for measuring a firm’s BBBEE rating. However, a firm’s BBBEE status is an important factor affecting its ability to successfully tender for government and public entity tenders and, sometimes, to obtain licences. Private sector clients also increasingly require their suppliers to have a minimum BBBEE rating in order to
boost their own BBBEE ratings. BBBEE is a crucial aspect for consideration by any entity conducting business in South Africa.
BBBEE is accordingly an important factor to be taken into account by any firm (whether foreign or local) conducting business in South Africa.
There are five primary elements to the BBBEE Scorecard – Ownership; Management Control; Skills Development; Enterprise and Supplier Development and Socio-economic Development.
The Weaver Foundation’s current focus incorporates the Socio-economic Development element of the generic scorecard allowing us to offer you a maximum of 5 points towards your score (for an investment of 1% of net profit after tax).
Our goal is to formulate true partnerships with you so that we can mutually achieve our philanthropic goals and promote real progress in our country!