Companies Act, 2008

South Africa Current 2008

The Companies Act, which came into force in 2011, provides for holding directors personally liable for poor performance and poor public disclosure of information. On accountability and transparency, its Company Regulations issued by the MInister of Trade and Industry (in terms of the Act) specifies the categories of private companies that require an audit. The Company Regulations also prescribe the manner, form and procedures for the conduct of an independent review other than an audit, as well as the professional qualifications of persons who may conduct such reviews.

Scope

Governance

Industry sectors covered by the instrument

Specific sector/s

Organizations covered by the instrument

All organizations

Issuer type

Business/Trade/Industry

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners