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

Codes of Good Practice on Broad-Based Black Economic Empowerment

Amended Property Sector Code

14. Monitoring and Reporting

 

14.1 Measured entities within the property sector will be encouraged to contribute towards funding the Charter Council and this will be recognised as Enterprise Development or Supplier Development contribution.

 

14.2 Each enterprise will submit a B-BBEE report annually to the Charter Council. The report, must contain the B-BBEE certificate and enterprise’s scorecard, verified by an accredited BEE verification agency. and other information may be requested from time to time by the Charter Council.

 

14.3 The first annual report will be for the enterprise’s first full financial year after the effective date of the code and must be submitted to the sector charter council within two months after the request from the Charter Council office.

 

14.4 Once the sector code is gazetted, it will be binding and enforceable with immediate effect and the verification certificates issued before the gazetting of the sector code will remain valid for 12 months.

 

14.5 The Charter Council will comprehensively review progress on the implementation of the sector code after five (5) years from the effective date of this sector code or at the review of the Codes of Good Practice – which ever one comes first.

 

14.6 All verification agencies must submit Property Sector B-BBEE certificate and scorecard report within 30 days of issue at the following email address [email protected].