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

Industry Charters

Financial Services  Charter

Code Series FS000: Framework for Measuring Broad-Based Black Economic Empowerment

Statement 000: General Principles and the Scorecard

7. The Elements of B-BBEE in terms of the Scorecard

 

7.1 The Ownership Element, as set out in Code series FS100, measures the effective ownership of enterprises by Black People.

 

7.2 The Management Control Element, as set out in Code series FS200, measures the effective control of enterprises by Black People.

 

7.3 The Employment Equity Element, as set out in Code series FS300, measures initiatives intended to achieve equity in the workplace under the Act, and the Employment Equity Act.

 

7.4 The Skills Development Element, as set out in Code series FS400, measures the extent to which employers carry out initiatives designed to develop the competencies of black employees.

 

7.5 The Preferential Procurement Element, as set out in Code series FS500, measures the extent to which enterprises buy goods and services from suppliers with B-BBEE procurement recognition levels.

 

7.6 The Enterprise Development and/or Empowerment Financing Element, as set out in Code series FS600, measures the extent to which Enterprises carry out initiatives intended to assist and accelerate the development and sustainability of other Enterprises.

 

7. 7 The Socio-Economic Development and Sector Specific Contributions Element, as set out in Code series FS700, measures the extent to which enterprises carry out general and financial sector specific initiatives that contribute towards Socio-Economic Development and that promote access to the economy for Black People.

 

7.8 The Access to Financial Services Element, as set out in Code series FS800, measures the extent to which enterprises substantially increase effective access to first-order retail financial services to the defined target market as contemplated under Code series FS800.