The common law duties of directors have now been partially codified in the Act. The duties and liabilities of directors are dealt with in sections 75 to 77 of the Companies Act, 2008. The definition of “director” now includes: an alternate director; a prescribed officer; a member of a board committee; or a member of read more..
Office bearers, beware, beware....! Much has been written about the many, often onerous requirements of directors and people deemed to be directors of a company. We have not heard the last word on this complex matter. Prescribed officers: Several articles have to date appeared on â€œprescribed officersâ€ of companies, which is a new concept introduced read more..
Subject to Section 214(2) of the Companies Act 2008, it is an offence under Section 29(6) for the board of a company to approve its AFS, knowing that they fail in a material way to comply with the provisions of Section 29(1) or that they are materially false or misleading, as contemplated in Section 29(2). read more..
A little-known but important provision of the Companies Act …… This article deals with the sale of shares in private companies and the possible involvement of the Takeover Regulation Panel (the “TRP”). Sections 117 to 127 and the Takeover Regulations apply only to a company which is a “regulated company” as defined in Sections 118(1) read more..
This article only deals with companies which have to use the public interest score (“PI Score”) per Regulation 28 of the Companies Act as amended to determine if an audit needs to be performed in respect of a financial year. Regulation 28(2): In addition to public companies and state owned companies, any company that falls read more..
The Companies Act 2008 provides for individuals’ right of access to the records of a company, within limits: S26(1) a person who holds or has a beneficial interest in any securities issued by a profit company, or who is a member of a NPC, has a right to inspect and copy, without charge, the information read more..
Depending on the regulatory requirements of the Companies Act (the “Act”) applicable to a specific enterprice, all entities MUST submit their annual financial statements (“AFS”) together with their Annual Returns. Should any one or more of the following criteria apply to your enterprise, you will have to comply with the CIPC requirement to compile your read more..
With effect 1 July 2018 the CIPC’s Digital Financial Reporting Programme using iXBRL came into operation. The system allows companies to file their Annual Financial Statements using this solution. It will align the submission of annual financial statements with that of the global reporting standards for businesses. iXBRL simplifies the preparation, analysis and communication of read more..
The Companies Act No. 71 of 2008 (the “Act”) came into effect on 1 May 2011, and amongst other important provisions, introduced the concept of the public interest (“PI”) score of a company. This is an important development, as it determines the financial reporting standards that the enterprise must follow. It applies equally to companies read more..
Three companies slapped with 10% of turnover fines as they did not file annual financial statements and another 20 companies are being investigated. The case was brought against the companies by the Companies and Intellectual Property Commission (CIPC), whose job it is to ensure compliance with the Companies Act. The CIPC says it brought the read more..