COMPANIES AMENDMENT BILLS: NATIONAL ASSEMBLY COMMITTEE ADOPTS REVISED VERSIONS

COMPANIES AMENDMENT BILLS: NATIONAL ASSEMBLY COMMITTEE ADOPTS REVISED VERSIONS

• 22 November 2023
• Parliament
• SA Legal Academy

Please note: Committee reports on the revised Bills were included in parliamentary papers circulated on 23 November 2023. They can be found on pages 25 and 27.

The National Assembly’s Trade & Industry Committee has adopted ‘B’ versions of the Companies Amendment Bill and Companies Second Amendment Bill, which have been tabled in the House for a second reading – with accompanying committee reports.

At the time of writing, the reports were not available. For ease of reference, therefore, links are provided to each Bill as originally tabled, the ‘A’ list of changes recommended by the committee, and the ‘B’ version accommodating those changes.

According to a memorandum on its objects, the Companies Amendment Bill seeks to:

• address issues found to have become ‘burdensome on the conduct of business’
• achieve greater ‘equity between directors and senior management on the one hand, and shareholders and workers on the other’, and to
• address concerns about executive pay levels widely perceived to be excessive.

The Companies Second Amendment Bill seeks to give practical effect to Zondo State Capture Commission recommendations dealing with delinquency on the part of a company director.

• Companies Amendment Bill as originally tabled
• ‘A’ list of committee changes
• ‘B’ version
• Companies Second Amendment Bill as originally tabled
• ‘A’ list of committee changes
•  ‘B’ version

Published by SA Legal Academy Policy Watch

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