Ansie Ramalho, chair of the King Committee highlighted three significant changes proposed by the prospective amendments:Representation of non-executive directors on the SEC.“The requirements introduced by the Bill for the election and qualifications of members of SECs are likely to elevate its authority and effectiveness, which is critical for a committee which exercises oversight of matters, as important as the social and environmental impact of companies’ output operations,” said Ramalho.
She also said other areas for monitoring and oversight as stated in relevant regulations were not sufficiently focused for meaningful reporting – “against which the SEC could be held accountable”.King Committee member and IoDSA Social and Ethics Committee Forum member, Deon Rossouw said the intention to exempt certain companies, such as subsidiaries of companies with an SEC, would make it easier to do business, while eliminating duplicate administration.
“We were very thankful that the drafters dropped the requirement for the SEC report to be passed by a resolution at the AGM as was previously tabled in the 2021 Bill, which we argued was a bad idea since the report would contain historic information, thus a