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

Codes of Good Practice on Black Economic Empowerment

Integrated Transport Sector Codes

Taxi Industry Sub-Sector Code for B-BBEE

6. Taxi Owners and/or Operators

6.2 Ownership

 

6.2.1 The narrow definition of equity ownership refers to the percentage share of economic interest accruing to black shareholders within a company. Our challenge is to increase the percentage share of economic interest accruing to black women, black youth and black people living with disabilities. In addition, the aim is to increase their economic benefits and participation in the taxi industry as well as in related industries. This indicator  is linked to the long-term sustainability of the taxi industry.

 

6.2.2 Industry commits to:

 

6.2.2.1 Increase the participation of black women, black youth and black people living with disabilities across the entire spectrum of the Taxi Industry's value chain in ownership and management control and as far as possible in the operational involvement of the industry. At some point, Taxi Owners and/or Operators should graduate to become Bus Owners and Operators.

 

6.2.2.2 The Qualifying Small Enterprises (QSEs) scorecard will apply when measuring the ownership contributions of taxi owners and operators. In instances where the taxi owner and/or operator has sold equity to black women and youth, they will receive enhanced recognition by being elevated to a recognition level higher than the one they have.

 

6.2.2.3 The ownership of Taxi owners and/or operators will be evaluated using the following criteria:P

 

6.2.2.3.1 Voting Rights

 

6.2.2.3.1.1 Black Women: 25%+1 of voting rights in Measured Entities in the hands of black women.

 

6.2.2.3.2 Economic Interest

 

6.2.2.3.2.1 Black Women: 25% of economic interest in Measured Entities in the hands of black women.

 

6.2.2.3.3 Measuring Principles and the Application of the Charter

 

6.2.2.3.3.1 Measurement principles associated with the ownership element, is contained in Statement 801 of Code 800 of the Generic Code of Good Practice.