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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

1. Preamble

 

1.1 The property sector commits itself to the implementation of transformation within the property sector. This commitment was made noting that:
1.1.1 Despite significant progress since the establishment of a democratic government in 1994, South African society, including the property sector, remains characterised by racially based income and social services inequalities. This is not only unjust but inhibits South Africa’s ability to achieve its full economic potential;
1.1.2 The property sector believes that a positive and proactive response through the implementation of the principles enshrined in the draft aligned Property sector code would address inequalities in the sector, unlock the sector’s potential, and enhance growth;
1.1.3 The Constitution of the Republic of South Africa, 1996, in particular section 9 thereof, (relating to equality and unfair discrimination), states the imperative of redressing historical and social inequalities; and
1.1.4 Broad Based Black Economic Empowerment (B-BBEE) is a mechanism aimed at addressing inequalities and mobilizing the potential of all South Africans. It will contribute towards sustained economic growth, development and social transformation in South Africa.

 

1.2 This Amended Property sector code (“amended sector code”) supports the commitment of all the stakeholders within the property sector that strive for transformed property relations in South Africa and to promote a vibrant and growing property sector that reflects the South African nation as a whole. It contributes towards development and the establishment of an equitable society.

 

1.3 This amended sector code:
1.3.1 Constitutes a framework and establishes the principles upon which B-BBEE will be implemented in the property sector;
1.3.2 Establishes targets and qualitative undertakings in respect of each element of B-BBEE; and
1.3.3 Outlines processes for implementing the commitments contained in the draft aligned sector code, as well as mechanisms to monitor and report on progress.