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

Codes of Good Practice on Broad-Based Black Economic Empowerment

Property Sector Charter

14. Socio-Economic Development



(14.1) The property sector has to date not effectively implemented socio-economic development initiatives.


(14.2) The parties to this charter commit to utilising the resources at their disposal to initiate and contribute to socio-economic development projects that benefit black groups, communities and individuals and that promote transformation and development.


(14.3) In the planning of socio-economic development projects, the parties undertake to consult with beneficiary communities to ensure that their developmental needs will be met.


(14.4) The parties commit to ensuring that projects go beyond the financial contribution by including monitoring and evaluation of impact in their socio-economic development.


(14.5) The parties undertake to form partnerships with appropriate private sector organisations, within and outside the property sector, and with government structures to enhance assistance and support to communities.


(14.6) Parties to this charter will commit a target of 1% of NPAT of average annual value of all socio-economic development contributions made by the measured entity as a percentage of the target.







Value of all socio-economic development contributions made by the measured entity as a percentage of the target


1% of NPAT


(14.7) Socio-economic development projects may include but will not be limited to:
(14.7.1) Support for community education facilities;
(14.7.2) Programmes at secondary and tertiary education level which promote the sector;
(14.7.3) Bursaries and scholarships which are oriented towards property related professions;
(14.7.4) Consumer education and information on property ownership and property practice;
(14.7.5) Training: community training; building related trades and skills development for unemployed school leavers; adult basic education and training in communities;
(14.7.6) Development programmes for black youth and other black designated groups;
(14.7.7) Environment: support of conservation projects, community clean up projects, urban agriculture and food security, garden initiatives; environmental preservation of flora and fauna in areas where the biodiversity is put at risk due to property development;
(14.7.8) Arts & culture: support of development programmes for new talent and provision of more public culture centres;
(14.7.9) Health: HIV and AIDS awareness, support of community clinics and access to health care;
(14.7.10) Sport: support of developmental programmes; and
(14.7.11) Job creation.