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COMPANIES ACT: TWO AMENDMENT BILLS ABOUT TO BE TABLED
- 14 August 2023
- Trade, Industry & Competition
- SA Legal Academy
Please note: According to parliamentary papers circulated on 21 August 2023, the two Bills have been submitted in draft form to both Houses and referred to the committees concerned. At the time, they were not yet electronically available. In terms of Rule 159 of the Joint Rules of Parliament, draft Bills are submitted for information and planning purposes only and not to be processed. Once certified by the Office of the Chief State Law Adviser, they will be formally introduced and should then be published.
The Department of Trade, Industry & Competition has gazetted the explanatory summaries of two Bills proposing amendments to the Companies Act, 2008 – pointing to their imminent tabling in Parliament.
Approved by Cabinet in July 2023, once passed, enacted and operationalised the Companies First Amendment Bill is expected to:
- remove certain bureaucratic obstacles to conducting business in South Africa
- address concerns about the prevailing lack of transparency around executive pay and its ‘reasonableness’, and
- in the context of steps being taken to curb money laundering and terrorist financing, strengthen measures intended to ensure the full disclosure of ‘ultimate’ business owners.
Informed by Zondo Commission recommendations, the Companies Second Amendment Bill seeks to significantly extend ‘the time bar in applications for declarations of delinquency’.
Despite a reference in the Government Gazette notice concerned to the Bills’ ready availability, at the time of writing they were nowhere to be found.
Published by SA Legal Academy Policy Watch