Inspiredex is a South African National Accreditation System (SANAS) and Accredited B-BBEE Rating Agency by the Department of Trade and Industry (DTI) that offers different services to business owners. This article will take you through the BEE Verification offered by inspiredex.
What is BEE Verification?
This is a process where the entity must meet a SANAS Accredited BEE Verification Agency. Together with the BEE Agency, the entity must undergo a full audit to determine its BEE compliancy Levels.
This comprises three easy steps.
4. Completion of Documentation and BEE Verification planning.
5. Gathering of Evidence according to the 5 elements of relevance.
6. Verification of Evidence and calculating BEE Compliancy.
What is SANAS?
South African National Accreditation System (SANAS) is therefore responsible for overseeing the development and maintenance of the required rating standards in the BEE industry. SANAS is responsible for the accreditation of certification bodies for Quality Management Systems and Environmental Management Systems.
BEE Verification should operate under the 5 elements of the Amended Codes which are:
• Ownership refers to the owner’s right to share in economic benefits that accrue as a result of the owner’s participation in the enterprise, and the right of the owner to influence the use of assets and resources of the enterprise. This is regarded as a priority element and failure to comply with the minimum target (40% of Net Value) will result in the Level as obtained above being discounted.
• Management focuses on the level of representation of black people in all levels of a company, from Top Management (executive directors) to Senior, Middle and Junior Managers this means that races must be represented accordingly.
• The balance of men and women and their positions should also be equal
8. Skills development
• Developing skills of the public and the employees is regarded as a priority element and it is important to know that failure to comply with the minimum target of 40% will result in the Level as obtained above being discounted.
• The company should provide accredited programs such as apprenticeships, learnerships and internships, and mentorship programs.
9. Enterprise and supplier development
• For BEE Supplier development is the process of working with certain suppliers to improve their performance for the benefit of the buying organization.
• On the other hand, Enterprise development is a strategy for promoting economic growth and reducing poverty by building SMMEs, membership organizations to represent them and competitive markets that are stronger and more inclusive.
• Developments can be monetary and non-monetary, but the main aim is to improve the business.
10. Socio-economic development
• These are the social contributions played by the company towards its employees and communities.