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The DTI’s R1bn black industrialist grant

Lionel October, director general of the Department of Trade and Industry (DTI) announced that his department will enable black industrialists to access a R1bn grant, on top of a syndicated pool of funds to be created by funding institutions, including the National Empowerment Fund, the Public Investment Corporation and the Industrial Development Corporation. This was at the inaugural Black Industrialists Indaba, in Midrand, Gauteng, on Wednesday.

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New codes bring new B-BBEE opportunities

When companies start their new financial year, part of their planning must involve implementing the revised B-BBEE Codes of Good Practice. The codes include priority elements with sub-minimum criteria, and if these are not met, companies will lose their achieved B-BBEE status.

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New equity act to take effect after uproar

Following an uproar regarding the controversial regulations included in the Employment Equity Act, threatening to prevent coloured and Indian people from senior management positions in the Western Cape and KwaZulu-Natal, the amended Act will come into effect today (1 August 2014.)

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Oceana Group leads Mail & Guardian’s Most Empowered Companies list

South Africa’s largest fishing group, Oceana, is number one in this year’s Mail & Guardian Most Empowered Companies ranking. The participants in the Mail & Guardian/Empowerdex Empowered Companies Survey (ECS) include all the companies listed in the Johannesburg Stock Exchange (JSE) other than those on venture capital and development boards. The survey is aimed at raising awareness of Broad Based Black Economic Empowerment (BBBEE.)

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Oceana hoists BEE sail

Fishing conglomerate Oceana has highlighted its empowerment efforts by announcing a R289m payout to employee beneficiaries of the company’s Empowerment Trust.

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