Status: New Companies Act

 

 

 

The impact of the new South African Companies Act No 71 of 2008 (signed into law on 8 April 2008 and effective 1 May 2011) was a focus over the past year. To comply with this act, shareholders will be asked to appoint the members of the audit committee and consider special resolutions on directors’ fees and the provision of loans and other inancial assistance. A new memorandum of incorporation is being drafted and will be brought to shareholders for consideration and approval at the appropriate time. The new act provides transitional arrangements in terms of which Naspers has until 1 May 2013 to adopt a new memorandum of incorporation.