With black economic empowerment (BEE) codes of good practice and industry charters set to impact on businesses in South Africa, auditing and advisory firm KPMG is to conduct annual BEE surveys, it announced in a statement on Friday.
The surveys will be conducted as at December 31 each year, starting with 2005 and the results of the first survey are scheduled to be released in June.
“The release and imminent gazetting of the BEE codes of good practice clearly signal government’s resolve to accelerate the implementation and monitoring of BEE transformation in our economy,” said KPMG associate director Sandile Hlophe.
The statement said that the BEE codes of good practice are to be applied in the development, evaluation and monitoring of BEE charters, initiatives, transactions and other implementation mechanisms designed to enhance the economic and social wellbeing of all South Africans.
“The business impact will be hard-hitting, affecting growth, sustainability and competitive strength,” Hlophe asserted.
The survey is to be conducted using an electronic questionnaire and selected interviews to address the current level of BEE compliance across industries and company sizes. It will also seek to ascertain best-practice trends related to BEE governance in relation to the board of directors, executive committee and business units.
The survey will also explore the barriers that inhibit successful BEE implementation. — I-Net Bridge