“We, as a firm, have been intentional in prioritising transformation, and have worked hard, not just with the codes but more importantly in seeking to empower those that have been disadvantaged by apartheid. The two issues (true transformation and the codes) should and (though imperfectly) do talk to one another, and so we are particularly pleased to have seen our intentions reflected in our numbers, as we have recently achieved our BBBEE Level 1 status!”, says Ulrik Strandvik, director of Gunston Strandvik Attorneys.
Let’s take a quick look at what B-BBEE is and what a Level 1 status means:
What is B-BBEE?
Broad-Based Black Economic Empowerment was instituted in South Africa in 2003.
The mandate of B-BBEE is to promote the achievement of the constitutional right to equality, increase broad-based and effective participation of black people in the economy and promote a higher growth rate, increased employment and a more equitable income distribution in South Africa.
As a firm, we believe in and support these values and goals.
What does B-BBEE Level 1 Mean?
BEE compliance is measured through the use of a scorecard, based on five elements, including:
- Management Control
- Skills development
- Enterprise and Supplier development
- Socio-Economic Development
Reaching a Level 1 status means that we have attained 100 points (or more) on the above scorecard. It is the highest B-BBEE status attainable and allows our clients to claim R135 for every R100 spent with us, as part of their own Enterprise and Supplier development contribution.
“As a country, we have been on something of a learning curve, and as a firm, we have made mistakes along the way (and will continue to make mistakes), but our desire is for true transformation in the workplace and in society. We encourage all South Africans to engage with each other to truly understand the impact that the past has had on us as a nation. Business, with its ability to innovate and find solutions, is uniquely placed to make its contribution to this transition.”
“I believe that as we work together as South Africans with different backgrounds, experiences, ideas and innovations, we are richer for our diversity, and will unlock such a treasure for this country,” says Strandvik.