Guiding principles

The following key principles have been adopted by the CA profession with regard to the implementation of the Sector Code:

1. All B-BBEE initiatives of the CA profession will be measured and reported on an annual basis.
2. The fundamental principle that all measurement of B-BBEE initiatives is based on the actual level of B-BBEE compliance at the date of measurement, will be adhered to.
3. The CA profession will adhere to economic principles when implementing the B-BBEE initiatives so as to ensure the sustainability of the B-BBEE process.
4. The CA profession will account for and present all B-BBEE initiatives in accordance with the substantive and economic reality and not merely the legal form.
5. The CA profession will ensure that there is uniformity on how B-BBEE initiatives are recognised and measured so as to facilitate a comparison of B-BBEE progress between different constituencies.
6. The CA profession undertakes to promote information that is free from material error and bias and can be depended upon by users to be a faithful representation of that which it could reasonably be expected to represent. Any representations made will be capable of being supported by appropriate evidence and documentation.
7. The CA profession undertakes to provide information pertaining to the B-BBEE initiatives that is complete.
8. The CA profession undertakes to provide available information on a timely basis.
9. The Codes make provision for a transitional period where measurement may be undertaken in accordance with the Generic Scorecard or score achieved in respect of code 100 and 200 based on a formula. For purposes of the CA profession there will be no transitional period and measurement will be undertaken in accordance with the gazetted scorecards.