JSE-listed companies now required to disclose B-BBEE status
The broad-based black economic empowerment status requirement became effective on Monday and forms part of company’s listings requirements
JSE-listed companies are now required to publish a compliance report on their broad-based black economic empowerment (B-BBEE) status. The empowerment status disclosure, which became effective on Monday, forms part of its listings requirements, the JSE said in a statement on Tuesday
Companies need to submit the report to the JSE and announce, via the stock exchange news service (Sens), that the report has been made available on their website.
In terms of the B-BBEE regulations, the report is required to include the relevant scores received by the listed entity in the BEE elements of ownership, management control, skills development, enterprise and supplier development, socio-economic development and any other sector-specific element.
The compliance report must also state whether the company is an empowering supplier and whether it has achieved the priority element thresholds of ownership, skills development, and enterprise and supplier development.
The new regulations also stipulate that scores, together with the relevant representations submitted, be based on verified information that reflects how the companies contributed to the outcome of the scorecard in terms of the Codes of Good Practice.