COMPANIES AMENDMENT BILLS: NATIONAL ASSEMBLY COMMITTEE CALLS FOR WRITTEN SUBMISSIONS

COMPANIES AMENDMENT BILLS: NATIONAL ASSEMBLY COMMITTEE CALLS FOR WRITTEN SUBMISSIONS

• 04 September 2023
• Parliament
• SA Legal Academy

In anticipation of parliamentary hearings on two recently tabled Companies Amendment Bills, the National Assembly’s Trade & Industry Committee has called for written submissions by 2 October 2023. According to the committee notice concerned, hearings are scheduled to take place on 17, 18 and 20 October 2023.

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

• remove certain obstacles to legitimate business activity,
• facilitate greater ‘equity between directors and senior management on the one hand, and shareholders and workers on the other hand’ (among other things by ensuring greater transparency regarding the disclosure of senior executive remuneration and its ‘reasonableness’), and to
• address various policy matters affecting social and ethics committees.

According to a memorandum on the objects of the Companies Second Amendment Bill, its purpose is to extend the time bar set out in section 162(2) of the Act in terms of which applications are made for a court order declaring a company director ‘delinquent or under probation’. This is noting:

• certain company-specific Zondo Commission recommendations, which the Bill proposes should apply generally, and
• international best practice.

Please click the links below for more information:

• Companies Amendment Bill
• Companies Second Amendment Bill
• committee notice

Published by SA Legal Academy Policy Watch

0 COMMENTS

LEAVE A COMMENT