Broad Based Black Economic Empowerment
- The legacy of apartheid has excluded the majority of South Africans from ownership and/or control of productive assets and resources as well as severely restricting the acquisition of advanced skills and generally the effective participation in the economy.
- BEE, or more accurately Broad Based Black Economic Empowerment (BBBEE) is the process by which the government is trying to ensure economic equity amongst race groups. It is governed by the Broad Based Black Economic Empowerment Act act 53 of 2003.
- The act is intended to encourage transformation by including black people in the economy. It covers aspects such as equity ownership (shares in the business), management of the business, skills development, employment equity (staffing), procurement (where you purchase your supplies), enterprise development and corporate social responsibility.
- Toolworld is currently with a level 1 BBBEE status.
- It is imperative to note that Toolworld has been classified as a value adding supplier with a 110% BBBEE procurement recognition level.
- The company's BBBEE status is listed on the Department of Trade & Industry's (DTI) registry.