The Presidential Black Economic Empowerment Advisory Council held its last meeting at the Union Buildings in Pretoria today, 21 October 14

The Presidential Black Economic Empowerment Advisory Council held its last meeting at the Union Buildings in Pretoria on Tuesday , 21 October 14 

The Council established in December 2009 in terms of the Broad-Based Black Economic Empowerment Act and is chaired by President Jacob Zuma.

In his remarks, President Jacob Zuma said over the 5 past years the Council played a vital role to upscale transformation.

“South Africa’s economy is like no other, we have to had to put extra ordinary measures to try and re-dress the past and in so doing we should continue to put a robust mechanisms to quicken the outcomes and impact of transformation”, said Zuma

 The President further said that financial institutions must play a key role in creating black industrialists and that the state must deliberately create a platform to propel black entrants in key sectors to become globally competitive

President Zuma also highlighted that the Council has delivered its mandate as per the Council’s Constitution and its business plan. Such activities include, amongst others, the following:

•            advise government on the overall implementation of BBBEE;

•            advised on the amendment of the BBBEE Act and the Codes of Good Practice;

•            review progress in achieving BBBEE from all sectors of the economy;

•            provide guidance in hosting the first National BBBEE Summit;

•            Conducted research (including second baseline study) on the implementation of BBBEE;

•            Provided concept document for the development of Black Industrialists; and

•            provide guidance and overall monitoring on the state of BBBEE performance in the economy with a view of making policy recommendations to address the challenges in the implementation of the Policy

The outgoing Presidential BBBEE Advisory Council, through its recommendations that tabled in Cabinet, proposed establishment of key institutions, which government is currently working on them. They are as follows:

•            The BBBEE Commission; target date for setting up a Commission is 31 March 2015 and

•            The BBBEE Verification Regulator

Government is satisfied with the work done by the outgoing Council members. This last meeting was more about providing a holistic account of the work done since December 2009 to date, which covered a wide range of key strategic area important for the implementation of BBBEE.

Through the Council, the President signed into law the B-BBEE Amendment Act (the Act) 46 of 2013 on the 27 January 2014. The Proclamation Notice was signed on the 2nd October 2014 and it will be gazetted on this Friday(24 October 2014).

All provisions of the Act will come into effect on date of publication    ( 24 October 2014) except for the Trumping Clause (Section 3) which has been deferred for 12 months, and will come into force in October 2015; and

In September 2012, President Zuma requested the Council to develop the Black Industrialist Programme concept.

In today’s meeting the Council noted the 10 Black Industrialisation Advisory Panel member that were appointed earlier.  The Advisory Panel included experts from diversified background and sectors, and will be meeting on a quarterly basis to provide overall advocacy and guidance.

A total number of 18 prospective Black Industrialists Programme applications are being considered.

The department of Trade and Industry will be hosting a two days Black Industrialist Summit next month and the draft Policy and strategic framework will be finalised by end of November