Businesses that fail to achieve a minimum score on the Black Economic Empowerment (BEE) scorecard for ownership, procurement and enterprise development will be penalised by having their BEE level status dropped, the Minister of Trade and Industry Rob Davies said on Friday.
Davies, briefing media after his Budget Vote in Parliament, said his department was also putting in place a framework for wholly owned black enterprises to get BEE ratings.
He said the penalties would be contained in the new amended BEE codes which the department is yet to release.
Big companies that fail to carry out certain minimum requirements in the codes of ownership, procurement and enterprise development would lose two places in their BEE level score, while smaller companies that fail to meet the minimum requirements on these elements would lose one place in their BEE level score.
Davies said the new codes would help compel bigger companies to become more active in enterprise creation.
The department is also putting in place a framework for wholly owned black enterprises to get BEE ratings
"The other problem we have seen is that wholly-owned or largely black-owned companies have been required to go to verification agencies, to get and pay some money to tell someone who is procuring from them that they are black and we think that that is a waste of resources
A perfect illustration of how the ANC government goes about its business. Penalise companies for not complying with your ragtag and unintelligible policies. And at the same time demonstrate very clearly that you have no idea about economic policy, nor do you have the wherewithal to hire people who know what they are doing.
Zoomer has to go. He is destroying our country.