BBBEE stands for broad-based black economic empowerment. It is a South African government initiative that aims to increase the number of previously disadvantaged groups that owns, manages, controls and gains employment in South Africa’s economy.
Just like companies, SU is obliged to be B-BBEE-compliant. However, in this context, we are talking about B-BBEE from the standpoint of companies and how we can help them to achieve their BBBEE scores in the areas of, among others, skills and socio-economic development and to get recognition for the provision of bursaries for previously disadvantaged students while, simultaneously, benefiting SU.
Companies are assigned a score based on various criteria. The score is measured on what is known as a B-BBEE scorecard and companies that achieve a high BBBEE score stand to benefit in various ways. The scorecard categories are ownership, supply chain and procurement, skills development and socio-economic development.
Of course, as a higher-education institution, SU is most interested in the skills development and socio-economic development aspect of B-BBEE. We can help companies achieve a positive B-BBEE score by allocating their funds towards bursaries for previously disadvantaged students. I do the work for them, finding the candidates, assisting with the financial process that needs to be followed to allow proper tracking and providing the required verification materials. SU, in turn, can then allocate those funds to help our students with much-needed financial assistance.
No, there are strict rules to follow. Depending on the sector, some companies will put forth very specific requirements. For example, a company may ask that funds be allocated to a previously disadvantaged and disabled female in the field of Engineering. Then there are companies with only general requirements, for example needing funds to go towards bursaries for disadvantaged students.
I draw down a list of eligible candidates based on the specific requirements of the company, with the assistance of either the Bursaries and Loans Centre or the Postgraduate Funding Office and, sometimes, the Disability Unit. We then match student eligibility with available funding and student need. Sometimes, the donor wants to interview shortlisted students but that is not the norm.
Once funds are allocated, I provide the company with the requisite verification documentation, which it then forwards to the verifying authority for B-BBEE scorecard points. Sometimes, those verification authorities come back with queries or additional requirements, which I then help provide.
I would like to emphasise that, once such funds are allocated, the funds can under no circumstances be moved to another student or students. And do feel free to contact me at eganc@sun.ac.za or 021 808 2711.