n Tydskrif vir die Suid-Afrikaanse Reg - Are senior managerial employees prescribed officers in terms of the Companies Act 71 of 2008 and are they treated the same as executive directors? : aantekeninge
|Article Title||Are senior managerial employees prescribed officers in terms of the Companies Act 71 of 2008 and are they treated the same as executive directors? : aantekeninge|
|© Publisher:||Juta Law Publishing|
|Journal||Tydskrif vir die Suid-Afrikaanse Reg|
|Affiliations||1 University of Johannesburg|
|Publication Date||Jan 2012|
|Pages||786 - 800|
ISI Social Science
The Companies Act 71 of 2008 became operational on 1 May 2011. The 2008 Companies Act was a result of the department of trade and industry's policy paper (South African Company Law for the 21st Century - Guidelines for Corporate Law Reform (GG 26493 of 2004-06-23)), which envisaged the development of a "clear, facilitating, predictable and consistently enforced governing law". The purpose of Act 71 of 2008 is, inter alia, to promote compliance with the bill of rights in the application of company law. In addition, it aims to promote the development of the South African economy by "encouraging transparency and high standards of corporate governance". This is extremely important given the significant role of business enterprises within the social and economic life of the nation. Furthermore, the 2008 Companies Act aims to balance the "rights and obligations of shareholders and directors" within companies and to encourage the "efficient and responsible management of companies" (s 7 the 2008 Companies Act).
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