The 2019 MTBPS has been presented by Minister Tito Mboweni. His opening statement was a reference to the Aloe Ferox plant he brought to Parliament when presenting the February 2019 budget.
In a very recent public spat, the board of Old Mutual and its CEO have had an acrimonious relationship, with the CEO wanting to declare the entire board of Directors delinquent after having been fired for conflict of interest. Being declared a delinquent director is not a common occurrence and we thought it may well be of interest to list the grounds for Delinquency.
The Minister of Finance, Mr Tito Mboweni, is calling on members of the public to make comments on a paper titled: “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.
The cabinet has finally approved the National Health Insurance (NHI) bill for tabling in parliament, minister in the presidency for planning, monitoring and evaluation Jackson Mthembu announced last Thursday.
In 2018 the Department of Trade and Industry published a Companies Amendment Bill for public comment. There are a number of proposed amendments that affect small and medium enterprises (SME’s) and we will briefly outline a few of the potential implications below:
The outcome of the national elections is a clear indication that, while the ANC lost regional support, many voted in effect for Ramaphosa nationally. This gives the President the mandate he requires to put his reformist policies in place.
Corporate governance is under scrutiny like never before in South Africa. While most people believe that it is only appointed directors of a company who can be held personally liable, the Companies Act provides for a wider definition and includes Prescribed Officers.
The land question is foremost on all South African minds, with debate raging across all spectrums. To put the land issue in perspective the following extract from the International Growth Centre policy brief on unlocking land rights for urban development highlights that the land issue is not unique to South Africa. Over above that a serious business case can be motivated for ensuring legally enforceable land rights.
The recent Steinhoff and Gupta debacles have highlighted a number of issues, least of all Directors' Liability and other governance issues. But was the company itself trading recklessly?
There has been plenty written about poor governance in South Africa. Ranging from corrupt government officials to unethical behaviour from reputable international service providers to the state. As Directors of companies we need to be aware of our roles and responsibilities. We have prepared an extract from King IVTM for your perusal. If you feel you need further information as relates to your roles from a governance perspective, please do not hesitate to contact us.