BROAD-BASED BLACK ECONOMIC EMPOWERMENT ACT
SECTION 9 (1) CODES OF GOOD PRACTICE AS AMENDED
VOLUNTARY DISPENSATION FOR TOP 100 RETIREMENT FUNDS INCLUDING UMBRELLA FUNDS
Many aspects of South Africa’s B-BBEE dispensation are not relevant to retirement funds. However, funds play a critical role in the South African economy by virtue of the amount of members’ savings, which exceeds R4 trillion.
Retirement funds also have a critical role to play in the transformation of the financial sector itself, largely by virtue of the appointment of private sector service providers. Funds are also currently required by Regulation 28 of the Pension Funds Act.to consider environmental, social and governance (ESG) criteria and B-BBEE as part of their supplier selection processes.