Since the Amended Codes of Good Practice came into effect on 1 May 2015 all the various sector charter councils were obliged to align their specific Sector Codes with the Amended Codes of Good Practice before 15 November 2015.
Both the Construction and the Chartered Accountancy Sector Charter councils failed to meet the above deadline and caused both Sector Codes to be repealed by the Department of Trade and Industry (DTI) on 17 February 2016. Since then all entities operating within these two sectors were compelled to apply the Amended Codes of Good Practice.
All other sector charter councils did submit their proposals to the DTI timeously. However, not all Sector Codes are amended yet. On date of writing this article, the draft Agri, Forest, Property, Financial Services and Transport Sector Codes were published in the government gazette for the mandatory public comment period but the final drafts are not available yet. Therefore we still have to apply the old Agri, Forest, Property, Financial Services and Transport Sector Codes when determining the Broad-Based Black Economic Empowerment (B-BBEE) status of an entity operating within any one of these sectors.
Herewith a summary on of all the Sector Codes regulated by the DTI:
*The Construction charter council proposed an Amended Construction Sector Code which was published by the DTI as a draft for public comment in government gazette 40375 on 28 October 2016. Until the final draft is published all entities operating within the Construction Sector must still apply the Amended Codes of Good Practice.
Do you need more information regarding these sector changes? Do not hesitate to contact one of our SEESA BEE Legal Advisors today!
ABOUT THE AUTHOR
Bernard du Preez is an admitted attorney who obtained his B.Com (Law) and LLB degrees from the University of the Free State. Bernard joined SEESA BEE as a legal advisor and currently holds the position of SEESA BEE Provincial Manager.