The Companies Act Amendment Bill was published on 21 September 2018. It was recently approved by the Cabinet and is currently going through the normal Parliamentary process. The effective date is coming soon.
For the first time in 10 years, we will see significant changes and strengthened regulations.
But how does this affect companies and their responsibilities? From clarified turnaround times, to increased disclosure responsibilities, all companies should be aware of the effect these changes will bring.
In this lesson we will discuss all the changes and their impact on companies, their directors, consultants, accountants and auditors.
• Changes to definitions
• Amendment to MOI – No more delays
• Increased access to information
• Disclosure of director’s remuneration
• Annual return and XBRL submission of financial statements
• Validation of shares
• Financial assistance for shares
• Approval of share buy backs
• Reports to be tabled and discussed at shareholders meeting
• Social and ethics committee
• Auditor requirements
• Impact of Financial Sector Regulation Act
• Application of takeover regulations to private companies
• Alternative dispute resolution
• Changes to the Companies Tribunal
• Functions of Financial Reporting Standards Council
