|Broad Based Black Economic Empowerment|
BBBEE is a growth strategy that targets inequality within the South African economy and is not affirmative action. It is a progression from the previous Black Economic Empowerment in that it looks more broadly than just at ownership and management of business.
According to the BEE Act, BBBEEcan be defined as “an integrated and coherent socio-economic process that directly contributes to the economic transformation of South Africa and brings about significant increases in the number of black people that manage, own and control the country’s economy as well as significant decreases in income inequalities”. Black people are defined as South African citizens who are African, Coloured or Indian.
Currently the draft Codes of Good Practice,BBEE highlights seven areas or elements of focus, namely: