The B-BBEE Commission and the Black Management Forum (BMF) will today concretise their partnership through a Memorandum of Understanding (MoU).
The MoU is a culmination of years of close cooperation between the B-BBEE Commission and the BMF.
The MoU signing ceremony will coincide with a dialogue entitled, “Safeguarding B-BBEE amidst challenges in implementation” and will feature an expert panel who will explore the status of Broad-Based Black Economic Empowerment (B-BBEE) and the challenges that need to be resolved in order for it to achieve its objectives as per the B-BBEE Act.
President of the BMF, Mpho Motsei, said Black Economic Empowerment was conceived from grassroots movements of black business and professional associations, which included the BMF.
“It is therefore appropriate for BMF to play a part in the enhancement and safeguarding of the legislation that we helped to conceive, more than 30 years ago,” Motsei said.
“We are therefore delighted to work with the B-BBEE Commission, as a regulator that provides oversight on the implementation of the legislation that was designed to elevate black people from social and economic subjugation.
“This event occurs at a time when B-BBEE and other transformation policies have been under attack both in the media and the public space. Views on B-BBEE remain divided and there continues to be a lack of understanding with regard to the crucial role B-BBEE plays in bringing about a society that is equitable and inclusive, as mandated by the Constitution of the Republic of South Africa,” he said.
The dialogue seeks to reframe the discussion on B-BBEE and transformation, by paying particular focus on building an inclusive economy through B-BBEE policy and legislation.
In doing so, the commission and BMF hope to re-ignite public discourse around the crucial issues of nation building, economic inclusion and compliance with the legislation, thereby safeguarding the objectives of B-BBEE policy.
The MoU will seek to establish a framework of cooperation and sharing of information and ideas, within the parameters of the B-BBEE legislation, specifically in the following areas:
• Strategies meant to promote economic transformation in the public interest;
• Sectoral dynamics which may hinder or promote the prospects of economic transformation;
• Advocacy and awareness programmes on transformation and B-BBEE;
• Developments related to the racial composition of ownership and management structures, as well as skill occupations in the private and public sectors of the economy; and
• and jointly monitor the effectiveness and gaps in the B-BBEE legislation, and any other policies related to economic transformation.
The B-BBEE Commission and the BMF believe that the MoU will serve as a solid foundation from which to advance the transformation agenda.
Tshediso Matona, Commissioner of the B-BBEE Commission said the B-BBEE Commission considered the relationship with BMF a necessary step in strengthening ties with transformation advocates and practitioners in business, who are committed to realising the Constitutional provision of redress.
“As the commission, we hold a firm view that the implementation of B-BBEE is a collective responsibility of all stakeholders in the economy and our collaboration with the BMF seeks to promote this view.
“We look forward to a productive partnership with BMF and we are excited about what it will achieve,” Matona said.