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10 STEPS TO BECOMING A BEE COMPLIANT BUSINESS

T he BEE scorecard encourages businesses to push for economic growth, specifically focusing on people of colour in South Africa. It is based on the concept of offering incentives through additional business. Economic growth begins with skills development involving training and hands-on development through employment equity and the development of new business.

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AMENDMENTS TO B-BBEE SECTOR CODES AND WHY THESE SHOULD MATTER TO YOU

U nder the B-BBEE Act, recent Amendments have been made to the Defense Sector Code and Chartered Accountancy (CA) Sector Code. With Preferential Procurement forming a crucial part of the BEE scorecard, LFP Group’s Company Secretary and Compliance Manager, Shawn Swiegers says that Amendments to Sector Codes affect any business procuring from companies within these sectors. “Preferential Procurement makes up 23% of your overall BEE scorecard,”

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IS YOUR BUSINESS BEE COMPLIANT

S ince the implementation of BEE in 2003, there have been many high-profile cases of companies found to have faked their BEE credentials and many who have failed their verification audits for other reasons. The unfortunate reality is that faked credentials is not a victimless crime. Any company awarded a government tender through the use of fake credentials is taking business away from another that has worked hard to achieve transformation through compliance.

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LFP GROUP SPONSORS MISS SA 2019

T he LFP Group is one of Miss South Africa 2019's new major sponsors. LFP Group CEO Louis Pulzone said that the decision to sponsor Miss SA was the best way to showcase LFP's commitment to South Africa and women around the country.


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MISS SOUTH AFRICA 2019 GETS LFP GROUP AS AN ONBOARD SPONSOR

T he LFP Group – South Africa’s leading provider of turnkey BEE aligned solutions and compliance services – has come on board as a major sponsor of Miss South Africa 2019. The pageant takes place on Women’s Day, Friday, August 9, at Sun International’s flagship venue, the Sun Arena at Times Square, Pretoria, and will be aired live on both M-Net and Mzanzi Magic.

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MAJOR SPONSOR ANNOUNCED FOR MISS SOUTH AFRICA 2019

"L FP is passionate about women empowerment and promotes diversity across all races and genders. Miss South Africa aligns closely with our values of leadership, focus and passion and it’s an honour for us to be associated with this reputable brand and coveted title. Miss South Africa represents the essence of our country – she is bold, fearless in her pursuits and looks to empower others.”

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SEVEN BEE SUPERPOWERS OF THE SME

I t is important to fully understand and explore the various elements of BEE and the SME. There is no universal definition for what constitutes an SME (Small and Micro Enterprise) but for BEE-purposes most SMEs would be classified as EMEs (businesses with a turnover of below R10 million per annum) or QSEs (businesses with a turnover of a turnover of between R10 million and R50 million per annum). The good news is that if you are an SME owner, BEE is far simpler and less onerous to implement than you may think.

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