Dear Valued Client,
Please see a circular providing clarity to Accounting Officers and Authorities on the acceptance of sworn affidavits as required in terms of CoGP (2013).
Also for your reading are the King lll Practice Notes to give guidelines on how best to incorporate into strategy, and report on B-BBEE in such a way that will give stakeholders a sufficient way to comprehend the compliance level of an entity.
In July we provided a formula for calculating the Employment Equity section of the new Management Control Code, which also affects the Skills Development calculations. We have now finalised our Skills Development formula where you can change EAP targets, taken from the STATS SA website, as required between national and regional demographics (please make sure you adjust these figures accordingly). See the attached document for your use.
The draft Marketing, Advertising and Communication (MAC) Sector Code has been released by the DTI. The public have until the 4th of November to put forward their comments.
The main features of the MAC Sector Code that differ from the Generic Codes include the following:
• Black Ownership target of 45% which is higher than the 25% target of the Generic Code and other sector codes. The 45% ownership was negotiated with sector stakeholders and it will contribute towards increasing the number of black people that manage, own and control enterprises and productive assets of the economy.
• The increase of the absorption points to 10 under the Skills Development Element which is higher than the five in the Generic Codes. Entities in the sector will be rewarded more for training and for providing employment opportunities for young black graduates. This was done to increase a pool of human resources in the sector especially among young black people and also contribute towards addressing unemployment in the country.
Feel free to contact your local office, should you require any clarity on the topics outlined above.
The Empowerdex team