The Presidential Broad-Based Black Economic Empowerment Advisory Council has held its inaugural meeting.
The Council was set up at the beginning of June 2022.
It is tasked with guiding government on intensified transformation of the economy.
Nominations for the Council were called for at the end of 2019.
The Council flows from Section 4 of the Broad-Based Black Economic Empowerment Act.
Functions include advising government on black economic empowerment; reviewing progress in achieving black economic empowerment; advising on draft codes of good practice; advising on the development, amendment or replacement of the strategy referred to in section 11 of the act and advising on draft transformation charters.
14 Council members have been appointed and will serve a five-year term.
Speaking at the meeting, president Ramaphosa declared that the inaugural meeting of the Council is a “milestone in the long journey we have traversed since the Black Economic Empowerment Commission produced its seminal report 22 years ago”.
Tasks for the Council include reviewing progress around B-BBEE; advising on the Draft Codes of Good Practice to be published for public comment; reviewing sector charters; and providing advice on draft transformation charters such as the Draft Legal Services Charter that will soon be published for comment.