In this section:
Broad-Based Black Economic Empowerment (B-BBEE)
In South Africa we embrace the principles of the Broad-Based Black Economic Empowerment (BBBEE) Amendment Act, which serves as the basis for the Department of Trade and Industry’s Financial Sector Code (FS Code).
Our long-standing commitment to transformation goes beyond the FS Code and we believe it has the following core components:
- Investing in economic growth and entrepreneurs, creating sustainable jobs and reducing inequality;
- Strengthening South Africa’s competitiveness by developing each demographic’s skills base;
- Using intellectual, financial and human capital to improve our communities;
- Transforming our own organisation through a fair, equal-opportunity, values-based culture; and
- Addressing historic imbalances by enabling Black people, women, youth and people with disabilities to sustainably and independently participate in the economy.
Transition to the Amended FS Code
Since 2013 we have been reporting our transformation progress against the FS Code, gazetted in 2012. It was subsequently aligned with the Amended Generic Codes of Good Practice, and the Amended FS Code was gazetted (and became effective) on 1 December 2017. Other than supplier development the code has the same elements, however, certain changes within the elements do not allow for year-on-year comparison.
Other than higher targets, key changes include (i) revised qualification points required to attain each B-BBEE contributor level; (ii) priority elements and the discounting principle effect - those elements that have minimum points requirements to avoid a level discount; (iii) a new measurement - supplier development; and heavier weightings for each FS Code element.
Download the latest B-BBEE report
Download the 2018 BEE Certificate 2018
Download the 2018 B-BBEE Compliance report in respect of Sec 13G(2) of the Act