The Broad-Based Black Economic Empowerment Bill completed its passage through Parliament on Tuesday when it was adopted in the National Council of Provinces, albeit with the objections of the Democratic Alliance (DA).
The bill was also approved in the National Assembly earlier this month.
Introducing debate on the measure in the NCOP, Trade and Industry Minister Alec Erwin said it was another important step in the economic revolution of democratic South Africa.
Apartheid had left difficult challenges in the development of new enterprises and increasing black participation in the economy.
To grow and develop, South Africa needed an economy that could meet the needs of all its citizens and their enterprises in a sustainable manner, he said.
The bill was essentially enabling legislation that created a framework for the development and implementation of black economic empowerment policy.
It did this by the important mechanisms of the advisory council, a strategy document, codes of good practice and the publication of transformation charters, Erwin said.
Lawrence Lever of the DA opposed the bill on the grounds that it, among other things, failed to make job creation the centrepiece of empowerment policy.
The measure received the support of other parties in the House, and will now go to President Thabo Mbeki for his signature. – Sapa