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Why are B-BBEE, the Financial Sector Code and ESD important?

Business operations in South Africa are governed by a policy of Broad-Based Black Economic Empowerment (B-BBEE). In addition, all participants in the financial services sector are required to adhere to the Financial Sector Code.

B-BBEE seeks to fast track the re-entry of historically marginalised communities and transform the economy by growing the number and size of black-owned businesses. This is realised through direct and indirect market access opportunities and by investing in non-financial and financial business support programmes.

Strategies to achieve this include skills development, preferential procurement, enterprise development – particularly for small and medium enterprises, and promoting black entrepreneurship.

The Financial Sector Code seeks to transform the financial sector into a vibrant and globally competitive sector that reflects the demographics of South Africa. It also requires the financial sector to contribute to establishing an equitable society by providing accessible financial services to black people and directing investment into targeted sectors of the economy.

The requirements of B-BBEE can be met through an ESD programme run through Masthead. Corporates in the financial services sector can additionally meet the requirements of the Code in this way. Learn more about partnering with Masthead in an ESD programme.

Both ESD and the Financial Sector Code give corporate South Africa the opportunity to build more sustainable businesses and play a greater role in socio-economic transformation.

MASTHEAD IS

A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.

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021 686 3588

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B-BBEE CERTIFICATE

Masthead is a level 1 B-BBEE contributor.

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