B-BBEE Act

The Broad-Based Black Economic Empowerment (B-BBEE) Act is a South African law aimed at addressing inequalities from the apartheid era. It encourages businesses to promote economic participation of black individuals in the economy through ownership, management, skills development, and socio-economic initiatives. The act provides a framework for companies to improve their B-BBEE status, which is measured through a scorecard. A higher B-BBEE score can enhance a company's competitiveness, as it may influence government contracts and business opportunities with other companies committed to transformation. The goal is to create a more inclusive economy that benefits all South Africans.