The current B-BBEE associated legislation impact on the Financial Service Sector
B-BBEE and the Financial Services Sector plays a pivotal role in the ongoing transformation of the South African economy and in ensuring that the economy is inclusive.
SANAS R47-03 and its impact on Measured Entities
On the 7th of October 2020, the SANAS R47-03 came into effect, and it will, without a doubt, have an impact on the Measured Entities’ B-BBEE Verification process. The R47-03, which replaces the R47-02 document, clarifies the roles of the B-BBEE Rating Agency and contains specific criteria as to what constitutes ethical and professional standards from a B-BBEE Rating Agency and their employees.
How important is the accuracy of your EME supplier on record?
It has become more important than ever to ensure the accuracy of EME recordings under the Procurement element. This is due to various reasons which QSE and Generic entities are not aware of but can have a massive impact on the outcome of your BEE Scorecard. This only becomes apparent during the Verification process when they are thrown out by a competent rating agency due to being invalid.
B-BBEE Implementation Is Imperative To Creating An Inclusive Economy
The B-BBEE Commission hosted a webinar session regarding the National Status and Trends on the B-BBEE Report that was released on the 28 July 2020, which can be accessed on www.bbbeecommission.co.za.
The B-BBEE Commissioner, Ms. Zodwa Ntuli, highlights that economic transformation remains too stagnant to create an inclusive economy, which makes accomplishing the 2030 Vision of the National Development Plan (NDP) unrealistic.
WSP & ATR Submissions Extended!
The Department of Higher Education and Training has granted another extension for the submission of WSP & ATRs for the financial year 2020/2021.
Due to the national lockdown and various other issues, there have been delays in the submission of WSP and ATRs. This has motivated the Department of Higher Education and Training to extend applications for mandatory grant submissions 2019/2020 to the 31st of July 2020.
Fresh Deeds with Honeycomb BEE Ratings
Amidst the battles of the present world, South Africans and organisations have once again been armed with a can-do and positive attitude.
We have seen a rejuvenated sense of community and social cohesion from South Africans trying to help alleviate the lockdown load for families across communities.
Companies, those who have been fortunate enough to, seem to have reignited their Corporate Social Responsibility (CSR) and how seriously they are taking their work with key stakeholders: the community, employees, consumers, and the environment.
During the unrelenting grip of the coronavirus pandemic, Honeycomb BEE Ratings has continued to be committed to assisting our clients efficiently and effectively despite the effects and impacts the nation-wide lockdown has had on businesses, society, and our economy.
Through our efforts, we have managed to carry on doing what we can to support the growth, development, and sustainability of our economy, society, and businesses by operating remotely.
Extended deadline for Workplace Skills Plan and Annual Training Report
The Department of Higher Education and Training has announced, in response to the current pandemic South Africa is facing, that all companies have been given an extension to submit their Workplace Skills Plans and Annual Training Reports by the 31st of May 2020.
The Workplace Skills Plan is a training plan developed by employers indicating what strategic skills interventions will be implemented within the next skills year. The Annual Training Reports are compiled by the employer declaring all training conducted during the previous skills year.
We hope that you are keeping safe, healthy and busy during these trying times
Many Small Businesses are facing new challenges, as certain measures have been put in place to limit the spread of the Coronavirus (COVID-19). But hang on, there is light at the end of the tunnel, and help is on its way.
The Small Enterprise Development Agency (SEDA) would like to request the assistance from all Small Businesses to complete a quick questionnaire regarding the impact the COVID-19 pandemic has on Small Businesses.
Submission of important documentation to B-BBEE Commission has been extended with immediate effect!
The B-BBEE Commission has announced an extension for the submission of the Filing of Major B-BBEE Transactions, Compliance Reports, and Correspondence/Documents.
All Stakeholders and Clients need to file major B-BBEE transactions for registration, submit their compliance reports, submit responses of allegations in a complaint, responses to findings in an investigation, responses for alignment of major B-BBEE transactions and any other relevant deadline to the B-BBEE Commission within 30 calendar days following the end of the lockdown period announced by President Cyril Ramaphosa, which is until midnight on Thursday, 16 April.
Lockdown will be imposed for the country
President Cyril Ramaphosa, addressed the nation on Monday night announcing that a 21-day lockdown will be imposed for the country, effective from midnight on Thursday 26 March. This comes in the wake of reports from the Department of Health that around 402 people across the country have tested positive for COVID-19.
Honeycomb BEE Ratings would like to reassure our clients that all services will still be conducted remotely. We are more than equipped to continue with your verification process with minimal impact on you, our valued client, while at the same time keeping our clients and staff safe.
SANAS Procedures Reviewed
Based on the current and escalated pandemic that South Africa is dealing with, SANAS has reviewed the R47-02 procedures in terms of paragraph 18.1.1, which outline that no score can be given without an on-site assessment of an entity, to accommodate B-BBEE Verification Agencies.
The following guidelines have been implemented by SANAS and have specifically been communicated to all B-BBEE Verification Agencies by Mr. Yuneal Padayachy, the Accreditation Manager: B-BBEE, and Mr. Mpho Phaloane, the Executive: Accreditation.
The President’s state of the nation address held on Sunday evening the 15th of March 2020
The President’s state of the nation address held on Sunday evening the 15th of March 2020, set out several precautionary measures that have been and will need to be taken in regards to COVID-19.
The President announced a national state of disaster, specifically under the banner of the Disaster Management Act (Section 27). This Act is to ensure the well-being of the people of the Republic. A national command council, chaired by the President, has been established and will meet three times a week.
Welcome Mr Yuneal Padayachy
The Honeycomb Team is pleased to welcome Yuneal Padayachy as the new Accreditation Manager for the Broad-Based Black Economic Empowerment Programme within the South African National Accreditation System (SANAS), an agency of the Department of Trade and Industry.
Mr. Padayachy has over nine years of experience in the B-BBEE and Transformation Environment. In these years, Mr. Padayachy has gained a sufficient amount of knowledge of the South African Constitution, the B-BBEE Act, National Treasury Legislation, the Amended B-BBEE Codes of Good Practice, the Verification Manual, the SANAS R-Documentation, the Equity Equivalent Investment Programmes (EEIP), Enterprise and Supplier Development Programmes and various Industry Charters.
Honeycomb BEE Ratings Awarded 1st Place in the Top 500 2020 Companies List
Honeycomb BEE Ratings is proud to announce that we have been named, for the second year in a row, as the Best BEE Verification Agency in the BEE Verification Agencies Sector in this year’s Top 500 Best Managed Companies, in South Africa.
The Top 500 Awards select its recipients from the leading and most prestigious South African companies based on stringent performance criteria.