Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Black Economic Empowerment

Integrated Transport Sector Codes

Maritime Transport & Services Industry Sub-Sector Code for B-BBEE

3. Indicators of Empowerment

3.2 Ownership

3.2.3 The Private Industry commits to:

Purchase

3.2.3.1

Broaden the ownership base of their companies and ensure that a minimum of 25% of economic interest is in the hands of black people and 10% is earmarked for black women;

3.2.3.2

25% +1 vote voting rights, or equivalent thereof, are in black hands, with a minimum of 10% earmarked for black women;

3.2.3.3

A minimum of 3% for black people who are rural-dwellers, youth, unemployed or living with disabilities, within the next 5 years. The first option will be extended towards employees when considering options for achieving this ownership target; and

3.2.3.4

Ensure that the net economic interest of the black equity participants is 100% of their acquired share of the business within 5 years. If this is achieved, it will be deemed that Ownership Fulfilment has been achieved.

3.2.3.5

For Qualifying Small Enterprises (QSEs) as defined in this Sub-Sector Code will also commit to:

3.2.3.5.1

Increase the ownership base of their companies and ensure that a minimum of 25% of economic interest is in the hands of black people

3.2.3.5.2

25% +1 vote voting rights, or equivalent thereof, are in black hands,

3.2.3.5.3