We wish to draw your attention to the following statement that the Dept of Trade & Industry has issued on their Website regarding the proposed amendments to the BEE Codes that were circulated recently:
Withdrawal of Statement 500 of the Revised B-BBEE Codes of Good Practice
The Department of Trade and Industry (the dti) announces the withdrawal of Statement 500 of gazette number 35754 issued on 5 October 2012- Revised Broad Based Black Economic Empowerment Codes of Good Practice.
The decision comes after several stakeholders expressed concern that Statement 500 has been interpreted to mean that charities will be adversely affected, resulting in rising anxiety for charity and beneficiary organisations. The fact that the dti announced previously that the department will not raise the bar and correct any unintended interpretation upon completion of the public consultation period closes on Wednesday, 5 December 2012, has not eased this anxiety. The department therefore concluded that withdrawing the Statement immediately would be the most appropriate response.
In practice this means no change to the Socio Economic Developments elements.