By Anthea Jeffery*
By the end of this month – less than a fortnight away – the Department of Trade and Industry (DTI) plans to gazette the final version of the draft Broad-Based Black Economic Empowerment Regulations (the regulations) it published in mid-February 2016 for comment within 30 days.
Few commentators seem to realise just how damaging the regulations are likely to be. Hence, a mere 21 submissions were made to the DTI, so helping the department to brush away the concerns that were raised.
Perhaps the 500 or so individuals and organisations that made submissions on the draft generic codes in 2012 – only to see their views almost completely disregarded in the final version gazetted in 2013 – no longer believe that the DTI’s public consultations are intended to be meaningful.
The regulations are supposed merely to flesh out the provisions of the Broad-Based Black Economic Empowerment Amendment Act of 2013 (the BEE Amendment Act), which came into force in 2014.