Within the General Codes of Good Practice we get the elements that make up the B-BBEE scorecard. To enable your B-BBEE certification you need to gain as many points as possible for each element. The trick is to get maximum points, for the lowest cost, and utilise the exercise for marketing or value creation as well.
The 5 elements to the scorecard include:
BEE certification happens after points have been accumulated through implementing projects, paying fees and potentially restructuring shareholding. It is important to know that you can elect what you want to do, where you want to focus and derive your own strategy. Having said that, the elements of ownership, skills development and Enterprise and Supplier development are priority. This means you cannot neglect them entirely.
Certification is done by a verification agency (who acts as an auditor) and not by your consultant. The agency awards the points on each element and signs the certificate.
The earlier in the year you start with your spent, the more cost effective it becomes as you can include certain salaries as spend. Chances of doing everything in one month is very slim.
Watch this video to gain further insight into the different elements.
Watch the video on B-BBEE Certification. In this video, we will explore the elements of the B-BBEE scorecard.
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