Article shared courtesy of: Webber Wentzel Articles
“South Africa’s Parliament has passed the Companies Amendment Bills, 2023. The Companies Amendment Bill, 2023 includes provisions to enhance transparency and provide for more disclosure and governance of executive remuneration. The Companies Second Amendment Bill, 2023 extends the time bars applicable to applications for director delinquency and proceedings to recover loss due to director liability. This snapshot explores the key amendments.
On 26 March 2024, the National Council of Province (NCOP) passed final versions of the Companies Amendment Bill, 2023 (CAB 2023) and Companies Second Amendment Bill, 2023 (CSAB 2023) (collectively, the Companies Amendment Bills, 2023), which introduce changes to the Companies Act, 2008 (Companies Act). The final Companies Amendment Bills, 2023 passed by the NCOP are essentially the same as the versions the National Assembly passed in November 2023. The final bills have now been sent to the President for assent.
The passing of the Companies Amendment Bills, 2023 brings to a close a legislative process that began in August 2023 but has been several years in the making, given previous iterations of a Companies Amendment Bill published by the Department of Trade, Industry, and Competition (DTIC), since 2018 and more recently in 2021 (draft 2021 Bill).
Objectives of the CAB 2023 include, to:… Continue reading here:
