B-BBEE stands for Broad-Based Black Economic Empowerment.
The objective of B-BBEE is to ensure that the majority of South Africans, whom are defined as being black people (as per the definition in the Codes) across all socio economic levels, are able to participate in the positive benefits of empowerment.
The concept of Broad Based BEE was introduced by the Codes of the Practice. 7 B-BBEE Elements are now used to measure a company’s commitment to transformation, as follows:
2. Management and control
3. Employment equity
4. Skills development
5. Preferential procurement
6. Enterprise development
7. Socio economic development
While the term ‘BEE’ is often still referred to, ‘BEE’ actually no longer exists, and ‘B-BBEE’ is actually meant.