It had to come as the committees working on the new sector codes for the construction industry and for chartered accounatnts failed to submit new drafts in time. Now and due to their inability to update the sector codes DTI Minister Davies had no choice and in terms of section 9 (7) of the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003), as amended by Act No. 46 of 2013, he gave notice to repeal the following sector codes that were not submitted for approval and which are not aligned to the Amended Codes:
1. Construction Sector Code – government gazette number 32305
2. Chartered Accountancy- government gazette number 34267
He further confirmed by notice dated 17 February 2016 that from the date of this publication all B-BBEE Verifications in respect of measured entities operating in the sectors mentioned above can be conducted using the Amended B-BBEE Codes of Good Practice which came into operation on 1 May 2015.
Please note that the following sector codes are not repealed and remain valid until they are amended:
* Tourism Sector Code- government gazette number 32259
* Property Sector Code – government gazette number 35400
* Agri BEE Sector Code – government gazette number 36035
* Forest Sector Code- government gazette number 32320
* Financial Services Sector Code- government gazette no:35914
* ICT Sector Code – government gazette no: 35423
* Integrated Transport Sector Code- government gazette no:34267
Especially in light of the increased thresholds and the compulsory compliance with sub-minimum targets and primary elements, all companies above ZAR 10m turnover will have to battle to keep a respected BEE Level.
Sad affairs!