n Without Prejudice - Yet more imprecise drafting : company law
|Article Title||Yet more imprecise drafting : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Jul 2012|
|Pages||28 - 29|
A recent advisory opinion issued by the Companies and Intellectual Property Commission (CIPC) has placed an interesting interpretation on the requirement in s30(4) of the Companies Act (2008) for private companies to disclose, in their annual financial statements (AFS), the remuneration received by their directors and prescribed officers. It should be borne in mind that companies, which are required under the Act and Companies Regulations, 2011 (Regulations) to have their AFS audited, must also lodge those financials together with their annual returns at the CIPC (d33(1)(a)). These then become open to inspection by the public, which is of course of concern to any company.
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