B-BBEE on a faltering trajectory' but must be fixed, says Matona

The head of the Broad-Based Black Economic Empowerment (B-BBEE) Commission, Tshediso Matona, says the policy is currently on "a faltering trajectory" but should not be abandoned entirely.

Matona, speaking at the B-BBEE Frank Dialogue event in Sandton, noted that the Act has been consistently amended and improved since it was passed into law in 2003.

As head of the Commission, Matona acknowledged that B-BBEE compliance has improved over the years; however, he stressed that undesirable practices continue to persist.

"Every so often we come across fake certificates, practices like fronting that seek to circumvent the objectives of the legislation," Matona stated.

He emphasised the need for urgent reform, stating that the policy is at a turning point. "So we do need to clean up this instrument, to strengthen its governance anchor and ethical foundation. So we are at a turning point, definitely, we cannot carry on on this faltering trajectory. The legislation needs to evolve. Close loopholes and strengthen enablers."