Acts Online
GT Shield

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

Industry Charters

Chartered Accountancy Charter

Appendices

Appendix 1: Interpretations (continued)

 

'BEE Controlled Company'*

means a juristic person, having share holding or similar members' interest, in which black participants enjoy a right to Exercisable Voting Rights that is more than 50% of the total such rights measured using the Flow Through Principle.

 

'BEE Owned Company'*

means a juristic person, having share holding or similar members' interest, that is B-BBEE controlled, in which black participants enjoy a right to Economic interest that is more than 50% of the total such rights measured using the Flow Through Principle.

 

'BEE Procurement Recognition Level'*

means the percentage B-BBEE Procurement Recognition Levels as determined -

(a) for Enterprises that are neither Qualifying Small Enterprises nor Exempted Micro Enterprises, using statement 000;
(b) for Qualifying Small Enterprises, using statement 800; and
(c) for Exempted Micro Enterprises, a deemed B-BBEE Procurement Recognition of 100% and B-BBEE Status of Level 4 Contributor under statement 800.

 

'BEE Status'*

means the B-BBEE status of a beneficiary of Enterprise Development Contributions as determined under-

(a) statement 800 for Qualifying Small Enterprises and Exempted Micro Enterprises; and
(b) statement 000 for all other Enterprises.

 

'Benefit Factor'*

means a factor specified in the Benefit Factor Matrix applicable to fixing the monetary value of Enterprise Development and Socio-economic Development Contributions claimable under statements 600,700, 806 and 807.

 

'Benefit Factor Matrix'*

means the Benefit Factor Matrix for Enterprise Development and Socio-economic Development Contributions annexed to statements 600,700, 806 and 807.

 

'Black Designated Groups'*

means—

(a) unemployed black people not attending and not required by law to attend an educational institution and not awaiting admission to an educational institution
(b) black people who are youth as defined in the National Youth Commission Act of 1996; as persons between the ages of 14 and 35.
(c) black people who are persons with disabilities as defined in the Code of Good Practice on employment of people with disabilities issued under the Employment Equity Act; In terms of the Employment Equity Act 'people with disabilities' means people who have a long-term or recurring physical or mental impairment which substantially limits their prospects of entry into, or advancement in, employment.; and
(d) black people living in rural and underdeveloped areas.

 

'Black New Entrants'*

mean black participants who hold rights of ownership in a Measured Entity and who, before holding the Equity Instrument in the Measured entity, have not held equity instruments in any other Entity which has a total value of more than R20 million, measured using a standard valuation method.

 

'Black People'*

has the meaning defined in the Act qualified as including only natural persons who are citizens of the Republic of South Africa by birth or descent; or are citizens of the Republic of South Africa by naturalisation—

(a) occurring before the commencement date of the Constitution of the Republic of South Africa Act of 1993; or
(b) occurring after the commencement date of the Constitution of the Republic of South Africa Act of 1993, but who, without the Apartheid policy would have qualified for naturalisation before then.