Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Industry ChartersChartered Accountancy CharterAppendicesAppendix 1: Interpretations (continued) |
'BEE Controlled Company'*
means a juristic person, having share holding or similar members' interest, in which black participants enjoy a right to Exercisable Voting Rights that is more than 50% of the total such rights measured using the Flow Through Principle.
'BEE Owned Company'*
means a juristic person, having share holding or similar members' interest, that is B-BBEE controlled, in which black participants enjoy a right to Economic interest that is more than 50% of the total such rights measured using the Flow Through Principle.
'BEE Procurement Recognition Level'*
means the percentage B-BBEE Procurement Recognition Levels as determined -
| (a) | for Enterprises that are neither Qualifying Small Enterprises nor Exempted Micro Enterprises, using statement 000; |
| (b) | for Qualifying Small Enterprises, using statement 800; and |
| (c) | for Exempted Micro Enterprises, a deemed B-BBEE Procurement Recognition of 100% and B-BBEE Status of Level 4 Contributor under statement 800. |
'BEE Status'*
means the B-BBEE status of a beneficiary of Enterprise Development Contributions as determined under-
| (a) | statement 800 for Qualifying Small Enterprises and Exempted Micro Enterprises; and |
| (b) | statement 000 for all other Enterprises. |
'Benefit Factor'*
means a factor specified in the Benefit Factor Matrix applicable to fixing the monetary value of Enterprise Development and Socio-economic Development Contributions claimable under statements 600,700, 806 and 807.
'Benefit Factor Matrix'*
means the Benefit Factor Matrix for Enterprise Development and Socio-economic Development Contributions annexed to statements 600,700, 806 and 807.
'Black Designated Groups'*
means—
| (a) | unemployed black people not attending and not required by law to attend an educational institution and not awaiting admission to an educational institution |
| (b) | black people who are youth as defined in the National Youth Commission Act of 1996; as persons between the ages of 14 and 35. |
| (c) | black people who are persons with disabilities as defined in the Code of Good Practice on employment of people with disabilities issued under the Employment Equity Act; In terms of the Employment Equity Act 'people with disabilities' means people who have a long-term or recurring physical or mental impairment which substantially limits their prospects of entry into, or advancement in, employment.; and |
| (d) | black people living in rural and underdeveloped areas. |
'Black New Entrants'*
mean black participants who hold rights of ownership in a Measured Entity and who, before holding the Equity Instrument in the Measured entity, have not held equity instruments in any other Entity which has a total value of more than R20 million, measured using a standard valuation method.
'Black People'*
has the meaning defined in the Act qualified as including only natural persons who are citizens of the Republic of South Africa by birth or descent; or are citizens of the Republic of South Africa by naturalisation—
| (a) | occurring before the commencement date of the Constitution of the Republic of South Africa Act of 1993; or |
| (b) | occurring after the commencement date of the Constitution of the Republic of South Africa Act of 1993, but who, without the Apartheid policy would have qualified for naturalisation before then. |