Courts have provided more clarity on what companies have to do when their businesses cannot operate due to lockdowns, blackouts or other factors.
The court also ruled an employee will not be entitled to severance pay if the employee is employed by another employer and the retrenching employer can demonstrate that it secured the alternative employment through its efforts. In the US a new US Securities Exchange Act rule takes effect on January 27 2024 and affects US-listed private issuers and dual-listed companies.
It directs US exchanges to establish listing rules that would require listed companies to adopt clawback policies for the recovery of incentive-based compensation awarded to executive officers when the financial information on which that compensation was based was materially misreported. There are substantive differences between the US and SA regimes governing such policies so steps should be taken to ensure compliance for SA private issuers which are US-listed.
SA’s greylisting by the Financial Action Task Force has significant implications for its economic growth and global competitiveness, but moves are already being taken to satisfy the FATF.Browse through the full publication below :
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FREE | Read the March 2023 edition of Business Law & TaxCourts give clarity on employer obligations, both when the business cannot operate and on the question of severance pay when an employee is retrenched, and SA's reputation takes a knock in the global economy with its recent greylisting
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