South Africa’s first democratic government was elected in 1994, with a clear mandate to redress the inequalities of the past in every sphere: political, social and economic. Since then, government has embarked on a comprehensive programme to provide a legislative framework for the transformation of South Africa’s economy. In 2003, the Broad-Based Black Economic Empowerment (B-BBEE) Strategy was published as a precursor to the B-BBEE Act, No. 53 of 2003. The fundamental objective of the Act is to advance economic transformation and enhance the economic participation of black people in the South African economy.
The B-BBEE Codes of Good Practice emerged in February 2007 as an implementation framework for B-BBEE policy and legislation. Revised, more stringent codes were thereafter issued and came into effect on 1 May 2015. After the implementation thereof, institutional mechanisms have been established for the monitoring and evaluation of B-BBEE in the entire economy and to root out fronting practices. Understanding the reasons for, the mechanisms of the B-BBEE Codes and the opportunities that these present for doing business in South Africa is important for an international investor wanting to do business in the country and to engage and benefit therefrom.
Hogan Lovells is an international consulting company with a network of over 45 offices around the world. The South African branch is located in the heart of Sandton, Johannesburg, and is home to over 130 lawyers who work closely with their international counterparts.
The company firm provides a wide range of expertise, with areas spanning across Tax, Mining, Corporate Commercial, Competition, Construction, Employment, Commercial Litigation, Insurance, Business Rescue & Insolvency, Banking and Real Estate.
Hogan Lovells has acquired expertise in respect of the B-BBEE, the Broad-Based Black Economic Empowerment legislation, and assists businesses and investors in understanding what B-BBEE is and how it may apply to both national and foreign companies wanting to do business in South Africa.
- Provide an overview of South Africa’s Broad-Based Black Economic Empowerment (B-BBEE) legislation
- Create awareness on opportunities that the policy can offer
- Stimulate synergies between South African and Italian companies
- Italian and South African companies
- Representatives of Italian and South African trade & investment promotion institutions
- Consultants and traders
- Introduction of the subject and the speakers of the day (Ms. Marcella Uttaro, Department of Trade and Industry of South Africa in Milan)
- Welcome address ( Titi Nxumalo, Consul-General of South Africa in Milan)
- Presentation by the speakers (Mr. John Nielsen and Ms. Rachel Kelly of Hogan Lovells South Africa Inc.)
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