On the back of our last update with regard to these targets, the entire BBBEE industry and all affected were secure in the knowledge that the new targets had been placed on hold until further notice. This was as a result of an email communiqué from the DTI which we discussed in detail in the last update.
As trusted and experienced BBBEE consultants we knew not to take this at face value and therefore sought confirmation from the actual verifications practitioners in the form of industry body ABVA, who confirmed that the email communiqué we had seen from the DTI had been put into practice by all their members. This was independently confirmed with the members as well…
However, what has since transpired seems to be a backtrack from the DTI who have now, via email correspondence we have been privy to, requested that the Year 6 targets must still apply to any company whose financial year ends after 9 February 2012! The email goes on to state further that the DTI will publish an official notice in due course. This has not yet been forthcoming.
The most obvious reason for this change of heart by the DTI is that the issuing of the much anticipated revised Codes, so much discussed in the recent past, must now be delayed even further. This means that it makes the transition period between the current and revised Codes much longer. This would obviously necessitate this change to apply the Year 6 targets as the DTI must know that the revised Codes are still a long way away!
In summary, we now find ourselves back to the original methodology first prescribed by the DTI, however, this time with no official notice to confirm the about turn. The verification Industry sits with a similar conundrum in that they have to now sit again as a body to decide which route to follow! We await their decision with interest in the light of the fact that once again the only official correspondence seems to be individually addressed emails between interested parties and the DTI.
In the meantime we suggest that you plan to be verified on the Year 6 targets if your financial year ends after February 2012…But, we will keep you posted!