BEEInfoSTRIP

The significance of the BEEInfoSTRIP™:
The reporting tool reveals industry's compliance to the Broad-Based Black Economic Empowerment Act 53 of 2003 .

It echoes a revival of the fair process BEE was initially envisaged to be. Each consumer has a tool to instantly report their Broad-Based Black Economic Empowerment (BBBEE) activity / contribution within the South African (SA) economy. The BEEInfoSTRIP™ is a public monitoring tool to assist South Africans in their daily BBBEE empowerment choices. South Africans have grown negative toward BBBEE. Minister Pravin Gorhdan (Minister of Finance) was quoted saying that BBBEE failed.
Introduction
The name BEEInfoSTRIP™ (asic conomic mpowerment rmation ) reflects the function it performs i.e. to monitor the BBBEE process within various sectors of the economy with instant feedback. This is a new and first of a kind tool on a till-slip / invoice / receipt / electronic display. It is a South African project yet can be implemented globally.
Department of Trade & Industry (DTI)
The DTI under the leadership of Minister Davies received the report of the BEEInfoSTRIP™ on the 5th July 2010. The report revealed that the South African Government was surveyed and 61% of the participants agreed on the effectiveness of the tool.

A call by Minister Davies was made to ammend the B-BBEE Codes of Good Practice April 2011 marks the further advancement in the BEE verification process whereby auditors will be able to verify and accredit businesses with BEE certificates.
BEE Monitor
The BEEInfoSTRIP™ analysis any purchase into a format that separates the line items and calculates the percentage of the total amount spent in support of BBBEE.

The real-time BEEInfoSTRIP™ monitoring tool immediately informs the consumer of their BBBEE financial support and in addition reports the BEE compliance status of product suppliers. Post-apartheid (1994) has brought about a burst of positive transformation processes and opportunity to commit fraud and fronting i.e. using black people for their skin colour to advance business. With a public monitor these crimes and misrepresentation of business can be easily detected and highlighted. The Broad-Based Black Economic Empowerment is broken up into 9 subsections. Code 500 is Preferential Procurement and accounts for 20% of the total BBBEE score.

A useful function of the BEEInfoSTRIP™ is that an exact amount can be calculated on the spend toward BBBEE.

Main Menu

See Also

Main Menu