In Legal Updates

Property Charter LogoTUESDAY-PROPERTY INSIGHT (No.46)

PRIORITY ELEMENTS AND  SUBMINIMUM PRINCIPLE

The new revised codes of Good Practice have introduced- Priority Elements to ensure more focus and more efforts in particular codes/elements. There are 3 priority elements: Ownership, Skill Development  and  Enterprise & Supplier Development.

Generic companies need to comply with all 3 priority elements and QSEs need to comply with only 2  of the 3 priority elements with ownership as a compulsory.

Genenic  Company QSE
Ownership 
Skill Development 
Enterprise Supplier Development

For each of the Priority Elements:  companies are expected to comply as follows:

Ownership

  •  Acquire subminimum points of 40% Net Value in Ownership based on the Time Based Graduation

Skills Development

  •  The subminimum requirement for Skills Development is 40% of the total weighting points for Skills Development.

Enterprise and Supplier Development:

  •  The subminimum requirement for Enterprise and Development is 40% for each of the three categories, within the Enterprise and Supplier Development element, namely preferential procurement; Supplier development and Enterprise development.

None compliance in any, some or all of the above, brings to effect the Discounting Principle.

Discounting principle to be explained in detail in the next Property Insight.

If you would like anyone else to receive this information, send us their email address  to pa@propertycharter.co.za or call the office  011 880 9918.

Facebooktwitterlinkedinmail
Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt

Start typing and press Enter to search

Share This