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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Chartered Accountancy Charter


Appendix 1: Interpretations (continued 4)



means either International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, or Standards of Generally Accepted Accounting Practice (SA GAAP) codified by the Accounting Practices Board and issued by the South African Institute of Chartered Accountants, whichever is applicable to the entity.


'Global Practice'*

means a globally and uniformly applied practice of a Multinational, restricting alienation of equity in or the sale of businesses in its regional operations. The practice must have existed before the promulgation of the Act.


'Grant Contribution'*

means the monetary value of Qualifying Contributions made by the Measured Entity to a beneficiary in the form of grants, donations, discounts and other similar quantifiable benefits which are not recoverable by the Measured Entity.


'Higher Education Institution'*

means a Higher Education Institution as defined under the Higher Education Act of 1997.


'Inception Date'*

means a date specified by a Measured Entity as being the date from which its Contributions are measurable before the commencement date of statements 600, 700, 806 and 807.


'Independent Non-Executive Board Members'*

mean those members of the Board that are independent directors as defined in the King Report.


'Independent Regulatory Board for Auditors'

means the Independent Regulatory Board for Auditors established in terms of section 3 of the AP Act, 2005.


'King Report'*

means the King Report on Corporate Governance for South Africa 2009 authored by the King Committee on Corporate Governance of the Institute of Directors in Southern Africa.


'Learning Programmes'*

mean any Learning Programmes set out in the Learning Programmes Matrix.


'Learning Programmes Matrix'*

means the Learning Programmes Matrix annexed as Annexe 400A 804(A) in statement 400 and 804.


'Leviable Amount'*

bears the meaning as defined in the Skills Development Levies Act of 1999 as determined using the Fourth Schedule of the Income Tax Act.



typically means those persons who would form the governing body, executive committee or others who take responsibility for managing and implementing significant parts of the strategy. Such other persons would include representatives whose main task consist of—

(a) determining and formulating policy and strategic planning; or
(b) operational implementation which includes the planning, directing and coordination of the policies and activities of the enterprise.


Management, in terms of the definitions to the AP Act, 2005, in relation to an entity which is a company, means the board of directors of the company and, in relation to any other entity, means the body or individual responsible for the management of the business of the entity.


In terms of code series 200, statement 200, management* includes

(a) Senior Top Management, such as the chief executive officer, the chief operating officer, the chief financial officer and other people holding similar positions; and
(b) Other Top Management, such as the chief information officer, the heads of marketing, sales public relations, transformation and human resources as well as other people holding similar positions.