The Minister of Trade, Industries, and Competition has published a Companies Amendment Bill for public comment. The original Bill, forwarded to members back in September 2018, has been significantly revised. Written comment on the proposed Bill should be made on or before 30 October 2021 (30 days from the date of the publication).
The document sets out 28 proposed amendments – the majority of which fall within the three prime categories (see below) as set out in the policy objectives. The remainder of the amendments are essentially administrative issues, enhancement of regulatory efficiency, and tidying up of drafting deficiencies.
The publication has been divided into five sections:
1. Background (together with specific areas requiring comment)
2. Policy objectives (3 prime categories):
a. The ease of doing business
b. The remuneration report
c. Beneficial ownership
3. An overview and explanation of each proposed amendment
4. Clause by clause description of the various proposed amendments
5. The Amendment Bill itself
The document provides an explanation, overview, and summary for each amendment in layman’s language and in an easy-to-read format.
It is unfortunately not a one size fits all document. The proposed amendments will impact businesses in varying ways and to different degrees depending on the type of business registration and size of the enterprise concerned. In addition, there will be no doubt varying views on many aspects of the Bill.
As such FEDHASA will not be putting forward a consolidated submission on behalf of members – however, we encourage you as members to please put forward your comments on or before 30 October 2021 for consideration. It is important that the Department is made aware of the many different impacts this will have on various businesses.
To download the Companies Amendment Bill, click here.