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

The overall transformation objectives for the profession can only be achieved through large scale skills development initiatives that tackle the challenges at each level of a candidate's progress. In order to drive this process and to properly manage and account for the external funding needed to initiate such programmes, SAICA established the wholly owned, section 21 organisation, the Thuthuka Education Upliftment Fund, in 2002. In 2005, this company was granted Public Benefit Organisation status with a section 18(A) tax exemption. A separate board of directors was appointed to oversee the governance of the donated funds.

'Thuthuka' is a Zulu VERB meaning 'to develop', indicating the action-based perspective from which transformation is being driven. Since its inception in 2002, Thuthuka has grown from one provincially-based project to over 14 projects throughout South Africa, mainly because of its proven ability to achieve real impact by providing effective learning pathways and successful transformation programmes. While this growth is impressive and significant, nation-wide expansion at all levels is still necessary.