Transparency and Accountability under the new Company Law

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dc.contributor.authorNcube, Caroline
dc.date.accessioned2016-04-14T07:27:15Z
dc.date.available2016-04-14T07:27:15Z
dc.date.issued2010
dc.description.abstractThis paper discusses the two-tier transparency and accountability regime provided for by the Companies Act 71 of 2008 (the Act). It includes a detailed outline and an analysis of the relevant provisions hinged on JL Mashaw’s six-facet enquiry into governance. The analysis also includes a comparison with the provisions of the King Code of Governance Principles for South Africa 2009 (King III Code). The paper finds that the Act retains many of the provisions of the Companies Act 61 of 1973 but omits references to public interest, closely held and widely-held companies as these types of company are not provided for in the Act. Further it makes substantive changes such as increasing the minimum audit committee membership from two to three; providing for audits in the public interest; an express statement of a company secretary’s accountability to the board and the statutory statement of directors’ duties accompanied by the provision for the business judgment rule. These changes serve various ends ranging from confirming the legal position with regard to company secretaries to better protecting society through requiring audits in the public interest and codifying directors’ duties. The Act’s provisions are largely mirrored by the King III Code although certain inconsistencies are evident, for example, with regard to the appointment of company secretaries. However, in such instances the Act prevails. Overall, the paper concludes that the Act’s transparency and accountability provisions are both comprehensive and appropriate.
dc.identifier.apacitationNcube, C. (2010). Transparency and Accountability under the new Company Law. <i>Acta Juridica</i>, http://hdl.handle.net/11427/18896en_ZA
dc.identifier.chicagocitationNcube, Caroline "Transparency and Accountability under the new Company Law." <i>Acta Juridica</i> (2010) http://hdl.handle.net/11427/18896en_ZA
dc.identifier.citationNcube, C. B. (2010). Transparency and accountability under the new company law. Acta Juridica, 43.en_ZA
dc.identifier.issn1996-2088en_ZA
dc.identifier.ris TY - Journal Article AU - Ncube, Caroline AB - This paper discusses the two-tier transparency and accountability regime provided for by the Companies Act 71 of 2008 (the Act). It includes a detailed outline and an analysis of the relevant provisions hinged on JL Mashaw’s six-facet enquiry into governance. The analysis also includes a comparison with the provisions of the King Code of Governance Principles for South Africa 2009 (King III Code). The paper finds that the Act retains many of the provisions of the Companies Act 61 of 1973 but omits references to public interest, closely held and widely-held companies as these types of company are not provided for in the Act. Further it makes substantive changes such as increasing the minimum audit committee membership from two to three; providing for audits in the public interest; an express statement of a company secretary’s accountability to the board and the statutory statement of directors’ duties accompanied by the provision for the business judgment rule. These changes serve various ends ranging from confirming the legal position with regard to company secretaries to better protecting society through requiring audits in the public interest and codifying directors’ duties. The Act’s provisions are largely mirrored by the King III Code although certain inconsistencies are evident, for example, with regard to the appointment of company secretaries. However, in such instances the Act prevails. Overall, the paper concludes that the Act’s transparency and accountability provisions are both comprehensive and appropriate. DA - 2010 DB - OpenUCT DP - University of Cape Town J1 - Acta Juridica LK - https://open.uct.ac.za PB - University of Cape Town PY - 2010 SM - 1996-2088 T1 - Transparency and Accountability under the new Company Law TI - Transparency and Accountability under the new Company Law UR - http://hdl.handle.net/11427/18896 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/18896
dc.identifier.urihttp://heinonline.org/HOL/Page?handle=hein.journals/actj2010&div=10&g_sent=1
dc.identifier.vancouvercitationNcube C. Transparency and Accountability under the new Company Law. Acta Juridica. 2010; http://hdl.handle.net/11427/18896.en_ZA
dc.language.isoeng
dc.publisherJutaen_ZA
dc.publisher.departmentDepartment of Commercial Lawen_ZA
dc.publisher.facultyFaculty of Lawen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.sourceActa Juridicaen_ZA
dc.source.urihttps://jutalaw.co.za/products/12080-acta-juridica-2010
dc.titleTransparency and Accountability under the new Company Lawen_ZA
dc.typeJournal Articleen_ZA
uct.subject.keywordsCompany lawen_ZA
uct.subject.keywordsSouth Africaen_ZA
uct.subject.keywordstransparencyen_ZA
uct.subject.keywordsaccountabilityen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceArticleen_ZA
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