Spend on Bursaries for Black Students attending Higher Education Institutions:
A bursary or scholarship scheme is a grant made to or for students who are registered at educational institutions established by or registered with the Department of Basic Education or the Department of Higher Education & Training. Examples of legitimate training costs for a bursary or scholarship includes: payment of school, college or university fees, or a portion thereof; funding for textbooks or other learning materials; funding for subsistence or accommoda...
On the 29th March 2018, the DTI issued two new draft codes for comment by the Public for the next 60 days. Traditionally, after comment, these drafts on the Codes are gazetted in a substantially similar form as they are released. The first is the Amendment to Code 000 specifically relating to Ownership and ownership recognition, and the second is the Amendment to Code 300 specifically in relation to Skills Development under B-BBEE.
If these Amendments are gazetted in their current form or a form substantially similar they will affect how Companies spend their Skills Development money under B-BBEE,...
The Amended B-BBEE Codes which are now in effect are very clear when it comes to the application of the sector codes. The Codes state that:
“A Measured Entity in a sector in respect of which a sector code has been issued in terms of Section 9 of the BBBEE Act as amended, may only be measured for compliance in accordance with that code.”
The question about what would need to happen in terms of companies operating in sectors arose as most of the Sector Codes were either not amended or gazetted by the time the Amended Codes of Good Practice came into effect