Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Codes of Good Practice on Broad-Based Black Economic EmpowermentAmended Property Sector Code4. Objectives of the Amended Property Sector Code |
| 4.1 | This amended sector code aims to promote the objectives contained in the B-BBEE Amendment Act as these relate to the property sector and, in particular, but without limitation: |
| 4.1.1 | Promote economic transformation in the property sector in order to enable meaningful participation of Black people including women, the youth and people with disabilities; |
| 4.1.2 | Unlock obstacles to property ownership and participation in the property market by black people; |
| 4.1.3 | Promote development and investment in under-resourced areas which enhances basic infrastructure, encourages investment and supports micro and small enterprises; |
| 4.1.4 | Achieve a substantial change in the racial and gender composition of ownership, control and management and enhance the participation of Black people (including Black women) and designated groups in the property sector; |
| 4.1.5 | Promote the effective advancement of employment equity in the property sector and encourage diverse organisational cultures; |
| 4.1.6 | Increase the pool of intellectual capital amongst Black people, particularly black women, in the sector by focusing on attracting new entrants and developing appropriate curricula; |
| 4.1.7 | Address skills development in a manner that accelerates the advancement of black people (especially Black women and Black people with disabilities) with increased investment in the skills development and training of new entrants; |
| 4.1.8 | Enhance entrepreneurial development and increase the number of B-BBEE firms and SMMEs providing services and products to the sector whilst promoting sustainable growth of such firms; |
| 4.1.9 | Increase the procurement of goods and services from B-BBEE compliant suppliers; |
| 4.1.10 | Facilitate the accessibility of finance for property ownership and property development; |
| 4.1.11 | Encourage good corporate citizenship amongst enterprises in the sector, including participation in corporate social investment projects and adherence to triple bottom line accountability; |
| 4.1.12 | Promote investment in and contribute to growth of the sector; and |
| 4.1.13 | Enhance uniformity and consistency in the application of the principles contained in the aligned sector code. |