The B-BBEE Commission has recently released the report on the National Status and Trends on Broad-Based Black Economic Empowerment (BBBEE) for the calendar year 2021.
The report shows a 1.5% shrinkage in the levels of transformation with the overall black ownership reflecting a 29.5% decline from 31% of black ownership in 2020, management control is sitting at 51.6% overall from 57% in 2020.
Further, there was 0% of entities listed on the JSE that are 100% black owned, which is the same as in 2020, while 3% were reported in 2019 and 1% in 2018. The report shows a 7% and 16% rise in the number of submitted compliance reports by JSE listed entities and organs of state respectively.
However, compliance remains sluggish as the majority of measured entities are still failing to report as required under section 13G of the B-BBEE Act. The report also displays a 76% (4 445) decline in the number of B-BBEE certificates uploaded by Verification Agencies on the B-BBEE Certificate Portal System compared to 2019.
The majority of verification agencies have failed to upload every B-BBEE certificate on the B-BBEE certificate Portal as required.
Contact us should you, as an employer, require more information or our professional assistance, or see the full report here.
