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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

Amended Property Sector Code

4. Objectives of the Amended Property Sector Code


4.1 This amended sector code aims to promote the objectives contained in the B-BBEE Amendment Act as these relate to the property sector and, in particular, but without limitation:
4.1.1 Promote economic transformation in the property sector in order to enable meaningful participation of Black people including women, the youth and people with disabilities;
4.1.2 Unlock obstacles to property ownership and participation in the property market by black people;
4.1.3 Promote development and investment in under-resourced areas which enhances basic infrastructure, encourages investment and supports micro and small enterprises;
4.1.4 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;
4.1.5 Promote the effective advancement of employment equity in the property sector and encourage diverse organisational cultures;
4.1.6 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;
4.1.7 Address skills development in a manner that accelerates the advancement of black people (especially Black women and Black people with disabilities) with increased investment in the skills development and training of new entrants;
4.1.8 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;
4.1.9 Increase the procurement of goods and services from B-BBEE compliant suppliers;
4.1.10 Facilitate the accessibility of finance for property ownership and property development;
4.1.11 Encourage good corporate citizenship amongst enterprises in the sector, including participation in corporate social investment projects and adherence to triple bottom line accountability;
4.1.12 Promote investment in and contribute to growth of the sector; and
4.1.13 Enhance uniformity and consistency in the application of the principles contained in the aligned sector code.