Amended B-BBEE Act

The Amended B-BBEE Act updates South Africa's Broad-Based Black Economic Empowerment framework to promote more inclusive economic participation. It encourages businesses to actively support black individuals and historically disadvantaged groups through ownership, management, skills development, and procurement. The goal is to foster economic transformation, reduce inequality, and ensure that economic benefits are shared more broadly. These amendments introduce more stringent compliance requirements and aim to make empowerment efforts more effective, creating a fairer economy while allowing companies to improve their B-BBEE scores, which can enhance their ability to do business with government and large private sector clients.