The proposed amendments fall short of the mandate to drive meaningful participation and may even have the opposite effect
In an effort to drive meaningful participation among black South Africans in the marketing, advertising & communications industry, the department of trade, industry & competition recently proposed updates to the broad-based BEE sector code.
The updated regulations will, among other stipulations, require sector companies to boost the BEE contribution to company ownership and procurement from 50% to 70% to remain compliant. Unsurprisingly, the new proposed legislation for the MAC sector will also fail to reach the grassroots level to empower more people, particularly among microenterprises, independent contractors and the informal sector.
In its current guise the legislation awards points for procuring goods and services from businesses from qualifying small enterprises — 51% black-owned businesses that generate less than R50m in annual turnover — and exempted microenterprises with annual revenues of less than R10m. Some large corporates and fund managers may argue that the administrative burden of administering procurement spend or empowerment funds across thousands of enterprises is onerous, impractical and fails to meet corporate governance requirements.
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