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

Industry Charters

Forest Sector Charter

15. Industry Specific Initiatives

15.1 Sector Targets

 

The industry commits to apply enterprise and socio-economic development spend in such a way that it strengthens the positive role of the sector in contributing to economic growth and employment creation and in supporting rural and local development. Additional bonus points are provided as incentives to increase spend on sector-specific enterprise development and socio-economic development initiatives by an additional 0.75% of Net Profit after Tax. This will be applied as follows:

(a) To support, encourage and nurture emerging black enterprises that will contribute to
a. increased timber supply; and
b. beneficiation in the forestry value chain, including non-timber forest products.
(b) To improve the living conditions and livelihood opportunities for the rural poor, including Forest Sector workers and their families, in forestry areas.

 

The Charter Council will develop guidelines for the implementation of these targets.