Press Release Summary = Johannesburg, South Africa - ECE90 Brake Testing (Pty)Ltd laboratory announced this week that they received level 4 Contributor, with low fronting risk certification in terms of the broad based black economic empowerment Act 53 of South Africa 2003.
Press Release Body = Based on Econometrix statistics, South Africa showed a 2.8 % GDP growth between 1993 and 2002. Regardless of this growth, the South African government determined that the economy is characterized by entrenched inequalities hampering growth, and that this required intervention. As a result a broad-based black economic empowerment strategy was implemented (Act 53 of 2003) in order to ensure a sustainable socio-economic environment in South Africa.
This broad based black economic empowerment act, implemented in 2003 resulted in specific objectives that were set. Key principles included measurability, sound economic principles, Substance over form, comparability, reliability, completeness and timelines.
The South African government set out to implement a set of rules against which the strategy objectives could be measured. These set of rules are known as "Code of good practice".
The code of good practice consists of 3 levels: 1. Direct empowerment through ownership and control of enterprises and assets. 2. Human resource development. 3. Indirect empowerment through preferential procurement and enterprise development.
A scorecard has been compiled by the Department of Trade and industry, and used by DTI approved agencies to perform evaluations. The result of the scorecard determines the enterprise's level of contribution to black economic empowerment in South Africa.
The scorecard consists of 7 elements: Ownership (20%), Management control (10%), employment equity (10%), Skills development (20%), Preferential procurement (20%), Enterprise development (10%) and residual/CSI (10%).
A level 4 (65% - 75%) score with low fronting risk as received by ECE90 vehicle brake testing services implies a good level of compliance and simply means that ECE90 vehicle brake testing qualifies for the following: 1. Preferential procurement by local and central Government 2. Issuing of licenses and concessions by Government agencies 3. Preferential procurement by private sector to improve BEE score.
It is also implies that, if ECE90 is used as supplier of services, it improves that BEE compliance of their customers.
The media and related parties are invited to visit http://www.ece90.com for more information.
Web Site = http://www.ece90.com
Contact Details = For further information please contact: Alan Wright ECE90 Brake Testing (Pty)Ltd P.O. Box 2534, Northriding Johannesburg South Africa 2162 Tel: 2711 5497308 Fax: 27866312226 Email: info@ece90.com Web site: www.ece90.com
2022
