Overview
The property sector commits itself to the implementation of a Transformation Charter. This commitment was made noting that:
- Despite significant progress since the establishment of a democratic government in 1994, South African society, including the property sector, remains characterised by racially based income and social services inequalities. This is not only unjust but inhibits South Africa’s ability to achieve its full economic potential;
- A positive and proactive response from the sector through the implementation of broad-based black economic empowerment (BBBEE) would address inequalities and unlock the sector’s potential;
- The Constitution of the Republic of South Africa, Act 108 of 1996, in inter alia section 9 on equality (and unfair discrimination) in the Bill of Rights, states the imperative of redressing historical and social inequalities;
- BBBEE is a mechanism aimed at addressing inequalities and mobilising the potential of all South Africans. It will contribute towards sustained economic growth, development and social transformation in South Africa.
- We, the parties to this charter, commit to strive for transformed property relations in South Africa and to promote a vibrant and growing property sector that reflects the South African nation as a whole, contributes towards development and the establishment of an equitable society.
The property charter:
- Constitutes a framework and establishes the principles upon which BBBEE will be implemented in the sector;
- Is a transformation charter as contemplated in the Broad-Based BEE Act (No 53 of 2003) (BBBEE Act) and the dti Codes of Good Practice on BBBEE and lays the basis for the development of a code of good practice for the property sector, as envisioned in Section 9(1) of the BBBEE Act;
- Establishes targets and qualitative undertakings in respect of each element of BBBEE; and
- Outlines processes for implementing the commitments contained in the charter, as well as mechanisms to monitor and report on progress.