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

Industry Charters

Chartered Accountancy Charter

Appendices

Appendix 1: Interpretations (continued 7)
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'Sector Code'

means a code in statement 003 which is applicable to a particular sector.

 

'Sector Specific Programmes'

mean Sector Specific Programmes that are recognised on the bases set forth in the Sector Code governing them.

 

'Senior Top Management'*

means Employees of a Measured Entity who are

(a)members of the occupation category of 'Top Management' as determined using the EE Regulations as qualified in a Sector Code;
(b)appointed by or upon the authority of the Board to undertake the day-to-day management of that Measured Entity and who
(c)have individual responsibility for the overall management and for the financial management of that Measured Entity; and
(d)actively involved in developing and implementing the Measured Entity's overall strategy.

 

'Skills Development'

means, for purposes of this document, the following: While there is no definition in the Skills Development Act of 'skills development', per se, the Skills Development Act (Act 97 of 1998) was enacted to—

(a)provide an institutional framework to devise and implement national, sector and workplace strategies to develop and improve the skills of the South African workforce;
(b)integrate those strategies within the National Qualifications Framework contemplated in the South African Qualifications Act, 1995;
(c)provide for learnerships that lead to recognised occupational qualifications;
(d)provide for the financing of skills development by means of a levy-financing scheme and a National Skills Fund;
(e)provide for and regulate employment services; and
(f)provide for matters connected therewith.

 

'Skills Development Act'*

means the Skills Development Act of 1998.

 

'Skills Development Expenditure'*

comprises the money that a Measured Entity spends on skills development. It excludes the skills development levy payable by the Measured Entity under the Skills Development Levies Act.

 

'Skills Development Levies Act'*

means the Skills Development Levies Act of 1999.

 

'Socio-economic Development Programmes'*

commonly take the following forms:

(a)development programmes for women, youth, people with disabilities, people living in rural areas;
(b)support for healthcare and HIV/AIDS programmes;
(c)support for education programmes, resources and materials at primary, secondary and tertiary education level, as well as bursaries and scholarships;
(d)community training skills development for unemployed people and adult basic education and training; or
(e)support for arts, cultural or sporting development programmes.

 

'Standard Valuation Method'*

means a Standard Valuation Method for an asset, an Economic Interest or any other instrument or right relevant to measurement under statement 100, undertaken using normal valuation methods that represent standard market practise.