Zuma chairs, BBBEE codes to be revised and fronting is a vile practice

The BEE council (with that Zungu in it) met today and had a long pow wow about stuff - and I am rather happy with the result.  If this is what the council is talking about then we are definitely making progress.  We were all shitting ourselves that Zungu would push for a greater level of ownership - sort of Zimbabwe mining style.

Quite a few publications wrote something on it but the best one comes from Moneyweb.  If you are interested you should read the whole article.

1. The meeting underscored that BBBEE is central to inclusive growth. Provisions in the New Growth Path were supported which require a much stronger focus on the broad-based elements of the BEE regulations, such as ownership by communities and workers, increased skills development and career-pathing for all working people and support for small enterprise and cooperatives, as well as a new emphasis on procurement from local producers in order to support employment creation.
2. It was pointed out that to contribute to job creation, BBBEE has to, amongst others, promote new enterprise development, encourage local procurement and enhance skills development and employment equity.
3. The shortcomings in the implementation of BEE were noted, especially the over-emphasis on diversity of ownership and senior management. "The unintended consequence of this over-emphasis is fronting and tender abuse. 

And then sayeth Zuma

We are happy that the Council spoke out so strongly against fronting which is one of the major obstacles to the implementation of BBBEE. Fronting is an insult to the dignity of the poor and we have to act decisively against it. I am pleased that the Council is so determined to work with us to act against this heinous practice,''

They must have an incredible amount of evidence of fronting.  If they don't then they could always ask our invaluable whistle blower, Keith Levenstein, who has not only irrefutable evidence of scorecard fronting, but also of how it's a scourge to his business society.  Watch how he is going to claim that this meeting was as a direct result of his tireless work.  Hands up all those companies and verification agencies who are going to want to do business with Levenstein and his little band of angels after his last email.  

I am sure that more about Levenstein and fronting will appear in the near future, don't forget to consult the press.