Companies Act Amendments Come into Effect in South Africa

Amendments to the Companies Act are now in force after the presidential proclamation was published in the Government Gazette on Friday. Madelein van der Walt, partner, Nasrin Kharsany, senior knowledge lawyer and Serena Kalbskopf, senior knowledge Lawyer at Webber Wentzel, explain that the amendments also aim to reduce red tape to enhance the ease of doing business in South Africa and clarify certain technical provisions in the Companies Act.

The Companies Second Amendment Act is based on the recommendations of the Zondo Commission of Enquiry into State Capture and aims to extend the time bars applicable to applications for director delinquency and proceedings to recover loss due to director liability. The key provisions in the Companies Amendment Act include new remuneration provisions for public and state-owned companies, applications of takeover provisions for private companies, naming of Individual directors and prescribed officers, third-party access to company records and social and ethics committee (SEC) requirements, Van der Walt, Kharsany and Kalbskopf say. Public and state-owned companies will now have a duty to prepare and present a remuneration policy once every three years or whenever there are material changes to the policy as well as a remuneration report to present at the annual general meeting for approval by ordinary shareholder resolution. The takeover provisions will now apply to affected transactions involving a private company that has ten or more shareholders with a direct or indirect shareholding in the company and meets or exceeds a financial threshold of annual turnover or asset value to be determined by the minister of trade, industry and competition. In addition, companies are now required to have their annual financial statements (AFS) audited under the Companies Act, while each director and prescribed officer must be named in the remuneration particulars

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