Amendments to Companies Act aimed at transparency and disclosure

recently include provisions to enhance transparency and provide for more disclosure by companies, as well as extending the time bars applicable to applications for director delinquency and proceedings to recover loss due to director liability.

“The Companies Amendment Act aims to enhance transparency and provide for more disclosure by companies. It also aims to reduce red tape to enhance the ease of doing business in South Africa and clarify certain technical provisions in the Companies Act.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 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.

The SEC requirements include refinements to the provisions relating to a company’s social and ethics committee. Other requirements include validation of irregular share creation and issues, the effective date of MOI amendments, financial assistance exemption in certain instances and relaxation of share repurchase requirements, Van der Walt, Kharsany and Kalbskopf say.

public and state-owned companies should review the structures of their remuneration policies and reports to align with the new requirements, including pay gap disclosures. They should also amend their template AGM notices and agendas to cater for the presentation and approval of the remuneration policy and remuneration report and re-election of non-executive directors as required under the new provisions.

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