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ARTICLE · 18 NOVEMBER 2004

A Brave New World?

Cliffe Dekker Hofmeyr
Cliffe Dekker Hofmeyr
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Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr

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In late June 2004, the Department of Trade and Industry ("dti") published a policy framework of the proposed amendments to the Companies Act ("the Act").

South AfricaCorporate/Commercial Law
Emma Kingdon
Emma Kingdon
Chris Charter
Chris Charter

In late June 2004, the Department of Trade and Industry ("dti") published a policy framework of the proposed amendments to the Companies Act ("the Act"). Save for a few piecemeal amendments, the Act has seen little change since its enactment in 1973. As a result, our legislation has fallen behind international trends in company law, and no longer caters for our changed political, economic and social environment. Certainly, with the adoption of the principles of the 2nd King Report on corporate governance by corporate South Africa, there has been a renewed call for a more legislated framework.

The policy has been published with the purpose of eliciting feedback from stakeholders in government and in the public. Dti has conducted a roadshow to workshop the policy, current legislation and international best practice with foreign and local experts throughout the country, as part of the next step in the process, which is to prepare a memorandum for the drafter of the new legislation.

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