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

Industry Charters

Chartered Accountancy Charter

Appendices

Appendix 1: Interpretations (continued 5)
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'Management Fees'*

mean the total Economic Interest received by a Broad-Based Ownership Scheme in any year less the amounts distributed or applied to beneficiaries and the amounts reserved for future distribution or application.

 

'Measured Entity'*

means any Entity as well as any organ of state or public entity subject to measurement under the Codes.

 

'50% black owned'*

means an Entity in which—

(a)black people hold more than 50% of the Exercisable Voting Rights as determined under Code series 100;
(b)black people hold more than 50% of the economic interest as determined under Code series 100;and
(c)has earned all the points for Net Value under statement 100.

 

'50% black woman owned'*

means an Entity in which—

(a)black women hold more than 50% of the Exercisable Voting Rights as determined under Code series 100;
(b)black women hold more than 50% of the Economic Interest as determined under Code series 100;and
(c)has earned all the points for Net Value under statement 100.

 

'30% black owned'*

means an Entity in which—

(a)black women hold more than 30% of the Exercisable Voting Rights as determined under Code series 100;
(b)black women hold more than 30% of the Economic Interest as determined under Code series 100;and
(c)has earned all the points for Net Value under statement 100.

 

'Multinational Business'*

means a Measured Entity with a business in the Republic of South Africa and elsewhere which maintains its international headquarters outside the Republic.

 

'National Skills Development Strategy'*

means the National Skills Development Strategy referred to in section 5(1)(a)(ii) of the Skills Development Its mission is to contribute to sustainable development of skills growth, development and equity of skills development institutions by aligning their work and resources to the skills needs for effective delivery and implementation.

 

'Net Profit After Tax'*

means the operating profit of a Measured Entity after tax. It incorporates both the equity/loss figures and abnormal items, but excludes extraordinary items as determined by Generally Accepted Accounting Practices (GAAP) (see the definition of GAAP).

 

'Net Profit Before Tax'*

means the operating profit of a Measured Entity before tax. It incorporates both the equity/loss figures and abnormal items, but excludes extraordinary items as determined by Generally Accepted Accounting Practices (GAAP).

 

'Net Value'*

means the percentage resulting from the formula in Annexe 100(C) of statement 100.

 

'Non-profit Organisation'*

means a non-profit organisation registered under the Non-profit Organisation Act of 1997.

 

'Occupational levels'

mean the occupational levels specified in Form EEA9 gazetted as a regulation under the Employment Equity Act.

 

'Outsourced Labour Expenditure'*

means any expenditure incurred in—

(a)procuring the services of or from a labour broker; and
(b)procuring the services of any person who receives any remuneration or to whom any remuneration accrues because of any services rendered by such person to or on behalf of a labour broker.