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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

3. Objectives of the Property Sector Charter



(3.1) This sector code aims to promote the objectives contained in section 2 of the B-BBEE Act as these relate to the property sector and, in particular, but without limitation:
(3.1.1) Promote economic transformation in the property sector in order to enable meaningful participation of black people including women, the youth and people with disabilities;
(3.1.2) Unlock obstacles to property ownership and participation in the property market by black people;
(3.1.3) Promote property development and investment in under-resourced areas which enhances basic infrastructure, encourages investment and supports micro and small enterprises;
(3.1.4) Achieve a substantial change in the racial and gender composition of ownership, control and management and enhance the participation of black people (including black women) and designated groups in the property sector;
(3.1.5) Promote the effective advancement of employment equity in the property sector and encourage diverse organisational cultures;
(3.1.6) Increase the pool of intellectual capital amongst black people, particularly black women, in the sector by focusing on attracting new entrants and developing appropriate curricula;
(3.1.7) Address skills development in a manner that accelerates the advancement of black people (especially black women and black employees with disabilities) with increased investment in the skills development and training of new entrants;
(3.1.8) Enhance entrepreneurial development and increase the number of B-BBEE firms and SMMEs providing services and products to the sector whilst promoting sustainable growth of such firms;
(3.1.9) Increase the procurement of goods and services from B-BBEE suppliers;
(3.1.10) Facilitate the accessibility of finance for property ownership and property development;
(3.1.11) Encourage good corporate citizenship amongst enterprises in the sector, including participation in corporate social investment projects and adherence to triple bottom line accountability;
(3.1.12) Promote investment in and contribute to growth of the sector; and
(3.1.13) Enhance uniformity and consistency in the application of the principles contained in the charter.