This section covers legislations and new institutions set up during the period of reporting to govern and oversee economic organisation in South Africa and how they are used as the primary means through which to attain transformation in the private sector. The new Companies Act of 2008, whose implementation began on 1 May 2011, will take time to have its benefits fully realised but represents a major step forward towards stimulating private sector growth and impact on development. By integrating corporate business standards into one regulatory regime, the Act eases compliance and streamlines company registration – a process which allows growth of small business. The Act sets up the Companies Tribunal, the Takeover Regulation Panel, the Financial Reporting Standards Council and the Companies and Intellectual Property Commission (CIPRC). The significance of these institutions is that they allow aspects of the implementation of the Companies Act to be overseen by bodies whose mandate is to monitor special issues. These are discussed in detail in the Report. To deal with the challenges of Black Economic Empowerment (BEE), in 2011 Parliament signed off the Draft Amendments to the Broad-Based BEE (B-BBEE) Codes of Good Practice and in 2012 - such amendments became part of the B-BBEE Act. These sought to deal with complexities and blockages in the previous framework, which had the effect of limiting black economic empowerment and thus constrain the expansion of economic ownership to previously excluded sections of society. The changes are meant to simplify and accelerate the implementation of the B-BBEE codes as they stand. However, the Report is cautious about the likely trickle-down effects of B-BBEE given the country’s experiences with BEE. Important institutions dealing with the planning and conduct of companies in the private sector have also been established. The significance of the National Consumer Tribunal (NCT), established in terms of the National Credit Act, No. 34 of 2005 and the introduction of the Consumer Protection Act on 1 April 2011 is that they have helped to enhance consumer rights. However, the challenge in implementing the legislation is limited citizen awareness due to inadequate public education about consumer rights and obligations emanating from the legislation. The annual Consumer Week for 2013 was widely publicised with the intention of reinforcing consumer knowledge and activism in local communities as part of on-going consumer education campaigns. Governance in civil society organisations as part of corporate governance is a very important area for the survival and implementation of funded projects in communities. Without strong civil society organizations, practising sound economic management, the corporate governance regime in South Africa is likely to be weak. d) Socio-economic development For rural communities the key to socio-economic development is access to land. Therefore increasing the pace of land reform is a priority for government. Land reform in the form of restitution and redistribution is a key enabler of rural development, a catalyst for expanded economic participation and a boon for social justice. There is general consensus that land reform is slow due to protracted processes of land purchasing and the bureaucratic nature of the processes of settling land claims. In response to this challenge government has put in place strategies and plans aimed at fast-tracking land restitution and redistribution. Government has also reviewed the Willing-Buyer Seller (WBWS) to land reform with the intention of increasing the pace of land reform. 26