South Africa's policy of Black Economic Empowerment (BEE) is not simply a moral initiative to redress the wrongs of the past. It is a pragmatic growth strategy that aims to realise the country's full economic potential.
BEE is not affirmative action, although employment equity forms part of it. Nor does it aim to take wealth from one race group and give it to another. It is essentially a growth strategy, targeting the South African economy's weakest point: inequality.
No economy can grow by excluding any part of its people, and an economy that is not growing cannot integrate all of its citizens in a meaningful way," the DTI says. "As such, this strategy stresses a BEE process that is associated with growth, development and enterprise development, and not merely the redistribution of existing wealth.
BEE is thus an important policy instrument aimed at broadening the economic base of the country – and through this, at stimulating further economic growth and creating employment.
In line with the Government's efforts on economic transformation we have embarked on addressing BEE within our company. We have chosen to be rated according to the Broad Based system.