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COMPANIES AMENDMENT BILL

COMPANIES AMENDMENT BILL. PRESENTATION TO NEDLAC 27 March 2019. PURPOSE. TABLE OF CONTENTS. BACKGROUND.

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COMPANIES AMENDMENT BILL

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  1. COMPANIES AMENDMENT BILL PRESENTATION TO NEDLAC 27 March 2019 1

  2. PURPOSE 2

  3. TABLE OF CONTENTS 3

  4. BACKGROUND • providing for business rescue, simplification of business registration, social ethics committees for public companies, corporate governance including financial accountability and provisions relating to shareholder activismetc 4

  5. BACKGROUND • Cabinet adopted the CAB for wider public consultation in August 2018. • The Bill was published in the Government Gazette on 21 September 2018 for 60 days closing on 14 December 2018. • The Department is currently at final stages of reviewing comments and updating the Bill. • The revised Bill to be submitted to NedlacTrade and Industry Chamber (TIC) by 16 May 2019. • The amendments are mainly administrative in nature with an aim to clarify, simplify and ease the business environment. • During the NedlacStrategic Session with the Minister 02 November 2018, the TIC requested to have the Companies Amendment Bill presented at the TIC: • E.g. of issues raised is the concern on director’s remuneration and ratios between the highest and lowest paid. 4

  6. OBJECTIVES OF THE CAB 5

  7. PROPOSED AMENDMENTS 6

  8. WAY FORWARD 22

  9. THANK YOU 23

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