The Minister of Trade and Industry published a draft amendment Bill to the Companies Act, No 71 of 2008 (Companies Act) for public comment.
Significant amendments are proposed that will affect how you engage with clients and the CIPC.
Join Caryn Maitland as she takes you step by step through the proposed amendments, explaining the impact on your practice and what you need to do now to remain compliant.
After attending this webinar you will be able to:
- List the proposed amendments.
- Inform you clients how the changes will affect them.
- Make adjustments to your practice procedures to comply with the changes.
- Understand when the amendments will become applicable.
The webinar covers the following key topics:
- Amendment: Memorandum of Incorporation (section 16):
- The CIPC will only have 10 business days to process amendments.
- New: Remuneration report (new section 30A):
- The directors of a public company will be required to prepare a directors’ remuneration report.
- Amendment: Annual Returns and filing of annual financial statements with CIPC (section 33):
- All companies to be required to file annual financial statements when filing annual return.
- New: Irregular share issues (new section 38A):
- Courts given power to validate irregular share creations, issues and/or allotments.
- Amendment: Share buy-backs (section 48):
- Share buy-backs are to be more stringently regulated.
- Amendment: Intra-group financial assistance (section 45):
- Shareholders approval no longer be required for financial assistance a subsidiary.
- Amendment: Shareholders meeting (section 61):
- Public companies to provide a Social and Ethics Committee report and Remuneration report for shareholders' meetings.
- Amendment: Social and ethics committee (section 72):
- Changes the composition, duties and functions of the Social and Ethics committee.
- Amendment: Appointment of auditor (section 90):
- Changes to the date on which the appointment of auditor becomes effective.
- The period following which a person who was closely involved in the affairs of a company may be appointed as an auditor of a company after ceasing to be so involved, is proposed to be reduced from five years to two years.
- Amendment: Employee share schemes (section 95):
- The definition of an employee share scheme will include a scheme that involves the purchase of shares, and not just an issue of shares.
- Amendment: Definition of “regulated company” (section 118):
- The circumstances in which a private company will be deemed to be a “regulated company” for purposes of the takeover regulations are to be significantly overhauled.
- Amendment: Business Rescue (section 135):
- Amounts owing to landlords becomes part of post-commencement finance.
- Amendment: Companies Tribunal (section 166):
- Tribunal to get the power for mediation, conciliation, arbitration of complaints.
- Amendment: Financial Reporting Standards Council (section 205):
- Enhancing and extending the powers of the Council.
Obtaining your CPD certificate
Attendance of this 3-hour webinar series will accrue 3 CPD hours for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES 7 and is recognised by all professional bodies.
Complete the free online assessment at the end of the event and receive an additional 1 CPD hour.
About the presenter
Caryn Maitland graduated in 1998 from the University of Natal, Pietermaritzburg (now UKZN), with a BCom Honours degree in Accounting and completed her articles with KPMG in 2001 and qualified as a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002 and is also a registered member of SAICA.
Caryn has lectured in Auditing, second and third year subjects, for Varsity College from 1999 to 2001. In 2002, she was appointed as senior lecturer at UKZN and coordinated the Financial Accounting 300 course until June 2006. In addition, she has lectured in Advanced Financial Accounting since June 2006 until December 2011.
Caryn has conducted independent workshops and seminars for professional accountants since 2006 on various topics, and has consulted on a number of technical issues. Since January 2011, she has focused on her own business as technical freelance consultant and trainer.
Caryn also held the position Editor-in-Chief of an online continual professional development (CPD) website for accounting professional, eCPD Accountancy, having resigned from this post in September 2013.
Caryn has presented on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well as on the FASSET national tour for the Tax Administration Act in 2014.
She has also been involved with the SAICA SMP Technical tour (2014 to present).
Who should attend
The following persons will benefit from attending this webinar:
- Registered auditors, (RA).
- Independent Reviewers.
- Accountants in Practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA.
- Company secretaries.
- Accounting officers.
- Accounting support staff.
- R 399.00 - Online admission - Individual
- R 699.00 - Online admission - Company
- Choose Individual if you would like to attend this event yourself. Choose Company if you would like to broadcast this event to your entire firm.
By attending this webinar you will be provided with:
- Summarised slide presentation, detailed course material and reference documents.
- You can ask questions during the webinar via the online portal, and you will also have access to the presenter via e-mail after the webinar.