Companies improve on BBBEE ratings

Companies operating in South Africa have improved their broad-based black economic empowerment (BBBEE) ratings, according to business advisory group KPMG.

The company says the BBBEE ratings for business entities, comprising of exempted micro enterprises, qualifying small enterprises, unlisted and listed companies, along with multinational corporations averaged 66.92 points out of a total of 100 for the year 2011. This is higher than the 55.03 points recorded in 2010.

The latest findings were based on seven elements, used as part of the government’s BBBEE ratings scorecard, with around 2 000 companies serving as respondents.

Of the respondents, 94% were in the high turnover bracket, between R5-million and R35-million.

KPMG’s Warren Watkins says the outcome of the survey was encouraging, in that the results were achieved in light of a tough economic climate.

Watkins added that companies not only focused on their ratings but that most were pursuing higher procurement levels on their scorecards.—I-Net Bridge

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