News

B-BBEE Reporting Requirements effective April 1st

  • May 11, 2018

Additional reporting obligations for JSE listed companies regarding B-BBEE compliance which will be effective for all reporting to the B-BBEE Commission as from 1 April 2018.

The B-BBEE Commissioner recently issued an explanatory notice providing further details on the information required to be reported.  Since June 2016, JSE-listed companies have been required to submit their annual B-BBEE compliance reports to the B-BBEE Commission by completing the prescribed form B-BBEE 1 within 30 days of the approval of their audited financial statements and their annual report or within 90 days of the end of the financial year. This explanatory notice goes further and includes a “compliance reporting matrix”, which sets out the additional detailed information required to be included in B-BBEE annual compliance reports (in addition to the information prescribed in form B-BBEE 1). Any reporting to the B-BBEE Commission by JSE listed entities are required to include this additional reporting requirements.

 

In June 2017, the JSE amended the JSE Listings Requirements by placing a continuing obligation on JSE-listed companies to publish B-BBEE compliance reports on their company website and, furthermore, to make an announcement on the SENS that this has been done.

 

Alternative Prosperity can assist in navigating these reporting obligation and requirements and provides

  • Assistance with your B-BBEE reporting obligations;
  • Management of verification timelines;
  • Support with the preparation of the relevant scorecards and the verification submission to the applicable verification agency;
  • Representation to ensure the appropriate interpretations are followed under the Amended Codes framework, or applicable Sector Codes.