The Property Sector Charter Council Constitutes a framework and establishes the principles upon which B-BBEE will be implemented in the sector. It is a transformation charter as contemplated in the Broad-Based BEE Act (No 53 of 2003) and the dti Codes of Good Practice on B-BBEE and lays the basis for the development of a code of good practice for the property sector, as envisioned in Section 9(1) of the B-BBEE Act. The Property Sector Charter Council establishes targets and qualitative undertakings in respect of each element of B-BBEE and outlines processes for implementing the commitments contained in the charter, as well as mechanisms to monitor and report on progress.