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COMPANIES AMENDMENT BILLS TABLED
- 29 August 2023
- Parliament
- SA Legal Academy
Please note: On 31 August 2023, the Department of Trade, Industry & Competition issued a back-dated media statement on Minister Ebrahim Patel’s input during a National Assembly Trade & Industry Committee meeting on the Bills – when members were briefed on their provisions. The meeting took place just one day afer the Bills’ formal introduction in Parliament.
The Companies Amendment Bill and Companies Second Amendment Bill were tabled in Parliament on 28 August 2023 and have been published.
Released in draft form in October 2021 for public comment and informed by ‘detailed discussions’ in the National Economic Development & Labour Council, the Companies Amendment Bill 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.
This is according to a memorandum on the Bill’s objects, which also draws attention to the withdrawal of certain provisions in the Bill’s October 2021 draft dealing with issues since addressed in the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 – as well as related amendments to the Companies Act regulations.
The Companies Second Amendment Bill seeks 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’. According to a memorandum on the Bill’s objects, 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 details:
- Companies Amendment Bill
- Companies Second Amendment Bill
- parliamentary papers announcing the Bills’ formal introduction
- General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act
- amendments to Companies Act regulations
Published by SA Legal Academy Policy Watch