BEE code change shocks industry

May 7, 2015

THE Department of Trade and Industry sprung a surprise on business, issuing an unexpected "clarification notice" on Tuesday that broad-based empowerment and employee share ownership schemes will no longer count as much as individual share ownership on the black economic empowerment (BEE) scorecard.

The notice astounded lawyers and verification agencies and will substantially alter the ratings of companies that have placed a portion of their ownership in the hands of employees or community organisations.

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