If your company has a financial year end of February and your company intends to continue to be verified for B-BBEE, the actions of this current financial period will be those that are verified for your next verification under the Amended Codes of Good Practice. Here are a few important points to remember!
Ownership and Management Control
These elements are verified as at the date of rating and so any changes to these elements after your financial year end need to be monitored to ensure that your score during verification does not drop below your expectations.
Skills Development, Enterprise Development, Supplier Development and Socio-Economic Development
If your BEE plan requires you to have implemented programmes in any of these areas, these programmes need to be implemented during your financial period. Any spend made after your financial year end will not be allowed to be counted during verification.
As your procurement period is now basically complete, it is unlikely that any major spends can be made. Ensure that you know which of your suppliers are compliant and that you have a copy of their latest B-BBEE certificate.
For any queries regarding B-BBEE strategy, planning or implementation, contact Oriole Consulting on 011 346 2422 or firstname.lastname@example.org