DA wants independent review of BBBEE legislation with view to scrapping law
CAPE TOWN - The Democratic Alliance (DA) wants an independent review of the country's broad-based black economic empowerment (BBBEE) legislation with the view to scrapping the law.
The party said that the legislation merely recycled and enriched the same "tycoons" and people that weren't disadvantaged, and could not stay in its current form.
The party made the call in Parliament on Thursday, while presenting its alternatives to the Transformation Fund, which is being championed by Trade, Industry and Competition Minister Parks Tau.
The DA said it rejected the Transformation Fund as another failed BBBEE scheme that enriched the elite and not workers.
The party released its submission to the Department of Trade, Industry and Competition's Transformation Fund on Thursday, offering its alternatives.
DA trade spokesperson, Toby Chance, said the fund blocked growth by focusing on race instead of investment or jobs.
He also recommended changes to BBBEE legislation and a new approach to transformation.
"So, in specific terms, we are recommending an independent review of the BBBEE legislation and regulations with a focus on impact on economic growth and job creation."
He said that two recent surveys showed how South Africans were moving away from BEE and don't believe the government should continue pushing the policy.
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