2019-05-28
THE BBBEE COMMISSIONER IS NOT OPPOSED TO TRUSTS AS OWNERSHIP
Don’t dump your trusts - it needs to be in line with exactly what the BBBEE Codes require.
BBBEE Commissioner Zodwa Ntuli is opposed to Trusts which do not operate withing the objectives and requirements of the BBBEE Act and Codes. One of the key principles in the Codes of Good Practise is that substance takes precedence over legal form. Ntuli stressed that the BBBEE Commission has never issued a statement disputing that Trusts are not recognisable forms of Black ownership. She has criticised their substance: the way the Trusts exist and operate. The Codes clearly allow for the existence of Trusts and details the substance of those Trusts. [Read More…]