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1. All companies existing and new are required to comply with the Indigenisation Legislation.
2. The Indigenisation and Economic Empowerment Act provides guidance on the implementation of the Indigenisation and Economic Empowerment Policy.
3. Statutory Instrument 21/2010 (contains) the principal regulations that give direction on the compliance and implementation of the programme.
4. The General Notices provide sector-specific provisions for the following sectors: Companies in the mining sector are expected to comply within one year(GN114/11)
Companies in the manufacturing sector are expected to comply within four years from the date of gazette of GN459/11. Companies in all other sectors must comply within one year in terms of GN280/12.
5. In terms of Section 3(5) of the Act, a company can apply to the Minister requesting for a longer timeframe to meet the 51 percent threshold.
The company must advance justifications for this request which the Minister may consider based on the merits.
6. In complying with the law, companies must submit the Indigenisation Implementation Plan and the Economic Empowerment Plan.
7. The Indigenisation Plan entails the companies’ plan to dispose shareholding to an indigenous partner whilst the Economic Empowerment Plan entails provision of assistance to a Vocational Training Centre which assistance is to empower the youth with skills and knowledge which they can use to form their own enterprises or to obtain employment.
8. Once a company submits a compliance plan, it is assessed to verify if it meets the provisions of the law. Once a company has satisfied this, it is approved by the Minister and the company proceeds to apply for a compliance certificate. — Source: National Indigenisation and Economic Empowerment Board
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