Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Codes of Good Practice on Broad-Based Black Economic EmpowermentAmended Property Sector CodeStatement 000: General Principles and General Scorecard as applied to the Amended Property Sector Code11. Socio-Economic Development |
| 11.1 | The property sector has but reasonable effort towards implementation of socio economic development initiatives, although more can be done. |
| 11.2 | The parties to this charter commit to utilising the resources at their disposal to initiate and contribute to socio economic development projects that benefit black groups, communities and individuals and that promote transformation and development. |
| 11.3 | In the planning of socio economic development projects, the parties undertake to consult with beneficiaries and in particular immediate communities to ensure that their developmental needs will be met. |
| 11.4 | The parties commit to ensuring that projects go beyond the financial contribution by including monitoring and evaluation of impact in their socio economic development. |
| 11.5 | The parties to this charter undertake to form partnerships with other appropriate private sector organisations, within and outside the property sector, and with government structures to enhance assistance and support to communities. |
| 11.6 | Parties to this charter will commit a target of 1% of NPAT of average annual value of all socio-economic development contributions made by the measured entity |
CODE 500: SOCIO-ECONOMIC DEVELOPMENT FOR GENERIC ENTITIES - 2 POINTS
MEASUREMENT CATEGORY & CRITERIA |
WEIGHTING POINTS |
COMPLIANCE TARGET |
Annual value of all socio-Economic Development Contribution made by measured entity as a percentage of the target |
2 |
1% of NPAT |
CODE 705: SOCIO-ECONOMIC DEVELOPMENT FOR QSE ENTITIES - 2 POINTS
MEASUREMENT CATEGORY & CRITERIA |
WEIGHTING POINTS |
COMPLIANCE TARGET |
Annual value of all socio-Economic Development Contributions made by the Measured Entity as a percentage of the target |
2 |
1% of NPAT |
| 11.7 | Socio-economic development projects may include but will not be limited to: |
| 11.7.1 | Support for community education facilities; |
| 11.7.2 | Programmes at secondary and tertiary education level which promote the sector; |
| 11.7.3 | Bursaries and scholarships which are oriented towards property related professions; |
| 11.7.4 | Consumer education and information on property ownership and property practice; |
| 11.7.5 | Training : community training, building related trades and skills development for unemployed school leavers and adult basic education and training in communities; |
| 11.7.6 | Development programmes for black youth and other black designated groups; |
| 11.7.7 | Environment: support of conservation projects, community clean-up projects, urban agriculture and food security, garden initiatives; environmental preservation of flora and fauna in areas where the biodiversity is put at risk due to property development; |
| 11.7.8 | Arts & culture: support of development programmes for new talent and provision of more public culture centres; |
| 11.7.9 | Health: HIV and AIDS awareness, support of community clinics and access to health care; |
| 11.7.10 | Sport: support of developmental programmes; and |
| 11.7.11 | Job creation. |