An analysis of the codes of good practice issued in terms of the Broad Based Black Economic Empowerment Act 53 of 2003

BBBBBEE170 is an essential ingredient in facilitating the meaningful participation of blacks at all levels of the South African economy, in order to ensure sustainable socio-political and economic stability and the sustainability of the economic growth and development. BBBEE key principles • It is an ongoing process and not an event • It is a business imperative and an integral component of the company’s business strategy and is based on the core values of the organization • • It must result in meaningful and significant participation of blacks in the company and in the broader economy, through substantial changes in the racial composition of ownership, control, management structures and of skilled and specialist positions • It must lead to advantaged strategic position for the company, greater profitability, business growth and sustainable increase in stakeholder value • it is the responsibility of all management in the organisation.