2018 - Annual Legislation Update Affecting Boards
Overview
There is no doubt that boards of directors in South Africa are being increasingly scrutinised for their role within organisational failures ̴ like Eskom and Steinhoff. Executive decision-making is being challenged in parliament and in court and, at the very least, the fiduciary duties of company secretaries which support those decisions has been placed in the spotlight.
In this webinar Yugen Pillay will discuss new legislation being passed and corporate government regulations, especially in circumstances where personal liability for directors at stake. It is critical that stakeholders have an acute understanding of an organisation’s affairs, as well as the consequences the law and related regulations will have upon a should they default in their legal duties owed to the organisation.
Learning objectives:
The objective of the course is to provide the delegate with:
- A brief overview of the role and duties of the company secretary accounting cycle;
- an understanding of the current legislation available to assist company secretaries;
- a comprehension of laws and regulations passed in the last 18 months and its impact on both the company secretary and the board of directors;
- tools to recognise the types of Boards and the need for integration between the public and private sector;
- contribute to and function as board member or company secretary within the appropriate governance structures and cognisant of position of trust.
Content
The webinar will cover the following topics:
- The need for a Board Charter, which documents its role, responsibilities, membership requirements and procedural conduct as recommended in the King IV Report on Corporate Governance, as well as other provisions of the Code.
- How director responsibility has increased under provisions of the Companies Act 71 of 2008, the JSE Listings Requirements, the Protection of Information Act (Popi) and any other applicable law or regulatory provision.
- How changes made to the Income Tax Act and BEE legislation will impact fiduciary and legislative compliance requirements for the board and the organisation.
- How the courts will use the business judgement rule to establish whether the directors have fulfilled their duties and whether they can be held personally liable.
- How increased knowledge of The Public Finance Management Act (PMFA) and Municipal Finance Management Act (MFMA) will enable better cooperation between the public and private sector.
