Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)
Chartered Accountancy Charter
Appendix 1: Interpretations (continued)
'BEE Controlled Company'*
means a juristic person, having share holding or similar members' interest, in which black participants enjoy a right to Exercisable Voting Rights that is more than 50% of the total such rights measured using the Flow Through Principle.
'BEE Owned Company'*
means a juristic person, having share holding or similar members' interest, that is B-BBEE controlled, in which black participants enjoy a right to Economic interest that is more than 50% of the total such rights measured using the Flow Through Principle.
'BEE Procurement Recognition Level'*
means the percentage B-BBEE Procurement Recognition Levels as determined -
|(a)||for Enterprises that are neither Qualifying Small Enterprises nor Exempted Micro Enterprises, using statement 000;|
|(b)||for Qualifying Small Enterprises, using statement 800; and|
|(c)||for Exempted Micro Enterprises, a deemed B-BBEE Procurement Recognition of 100% and B-BBEE Status of Level 4 Contributor under statement 800.|
means the B-BBEE status of a beneficiary of Enterprise Development Contributions as determined under-
|(a)||statement 800 for Qualifying Small Enterprises and Exempted Micro Enterprises; and|
|(b)||statement 000 for all other Enterprises.|
means a factor specified in the Benefit Factor Matrix applicable to fixing the monetary value of Enterprise Development and Socio-economic Development Contributions claimable under statements 600,700, 806 and 807.
'Benefit Factor Matrix'*
means the Benefit Factor Matrix for Enterprise Development and Socio-economic Development Contributions annexed to statements 600,700, 806 and 807.
'Black Designated Groups'*
|(a)||unemployed black people not attending and not required by law to attend an educational institution and not awaiting admission to an educational institution|
|(b)||black people who are youth as defined in the National Youth Commission Act of 1996; as persons between the ages of 14 and 35.|
|(c)||black people who are persons with disabilities as defined in the Code of Good Practice on employment of people with disabilities issued under the Employment Equity Act; In terms of the Employment Equity Act 'people with disabilities' means people who have a long-term or recurring physical or mental impairment which substantially limits their prospects of entry into, or advancement in, employment.; and|
|(d)||black people living in rural and underdeveloped areas.|
'Black New Entrants'*
mean black participants who hold rights of ownership in a Measured Entity and who, before holding the Equity Instrument in the Measured entity, have not held equity instruments in any other Entity which has a total value of more than R20 million, measured using a standard valuation method.
has the meaning defined in the Act qualified as including only natural persons who are citizens of the Republic of South Africa by birth or descent; or are citizens of the Republic of South Africa by naturalisation—
|(a)||occurring before the commencement date of the Constitution of the Republic of South Africa Act of 1993; or|
|(b)||occurring after the commencement date of the Constitution of the Republic of South Africa Act of 1993, but who, without the Apartheid policy would have qualified for naturalisation before then.|
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