The South African Companies Act 71 of 2008 has replaced the Companies Act 1973 with effect 1 May 2011, except for the sections dealing with the winding-up and liquidation of insolvent companies. These sections remain in force. The new Act introduces many new principles, rights, obligations, procedures, remedies and sanctions. For instance:

  • it emphasises the obligation for greater transparency, accountability and sound corporate governance in the modern business environment;
  • companies are now also accountable to stakeholders such as employees, minority shareholders, the communities in which they operate and even to society as a whole, under certain circumstances.

The new Act will impact on every company as well as every person serving as director, CEO, prescribed officer or secretary of such company. Amongst others, it introduces several new mechanisms intended to compel directors to discharge their duties diligently, honestly and in a responsible manner. It is important that directors and management develop a good understanding of the new Act as quickly as possible. However, the problem facing the business world during the months following promulgation of the Act was that no handbook existed which could provide the required guidance.   Since then a number of excellent publications have appeared.

Commentary on the Act:
At that time I edited and published a book entitled: The Companies Act – what you NEED to know.

Although not a lawyer by training, I have a keen interest in company law matters and assist management and boards of directors with compliance issues. This book contains several articles penned by me, but mainly contains the copyrighted comments and views of two professional firms, with their written consent. These professional firms are:

  • Bowman Gilfillan
  • Webber Wentzel

The book covers some 300 pages.  It is not for sale to the general public and is used for the education, training and guidance of the executives and management of my clients and those of my consulting associates.

The book can be ordered at R195 plus VAT. This covers only the cost of printing, binding and postage.

Order it by completing the comments section with your details.  Remember to include your contact number, delivery address and VAT number if applicable.