EconoServices welcomes the introduction of the newly instituted Broad-Based Black Economic Empowerment Advisory Council

The President of South Africa has recently appointed a diverse and representative group of people with sector expertise to serve as members of the Broad-Based Black Economic Empowerment Advisory Council and to guide government on intensified transformation of the economy. The President has appointed 14 Council members in terms of Section 6(1) (d) of the Broad-Based Black Economic Empowerment Act (Act No 53 of 2003). The appointments are for a period of five years.

The Council is made up of a diverse group drawn from business, trade unions, community-based organisations and academia. We trust that the Council will bring much needed clarity and stability in terms of interpretations of the Broad-Based Black Economic Empowerment Act.

In other news, Cabinet has approved the publication of the Draft Legal Sector Code (Draft LSC) for public comment, currently the legal profession does not have a sector specific code to guide them in addressing the imbalances and inequalities in the profession. It is important that Law firms familiarize themselves with the draft codes and prepare for when the Legal Sector code is promulgated.

If you are a law firm needing assistance on how best to navigate the impending codes, please reach out to us on 011 483 1190 (or on email info@econoservices.co.za) for assistance in strategy planning.