BusinessLive reports that the pay for prescribed officers of companies — typically executives who are in a position to influence management of the enterprise — will have to be disclosed in the audited annual financial statements if proposed amendments to the Companies Act become law.  

Currently, the act only requires the disclosure of the remuneration and benefits of directors.  Norton Rose Fulbright director Stephen Kennedy-Good commented that the proposal to require such disclosure would strengthen transparency and good corporate governance.  It would allow shareholders to see what top executives and senior management — including CEOs and CFOs when they were not directors — were being paid.  This would be in line with international trends.  Changes have also been proposed with regards to the appointment of auditors.  The Companies Act presently prohibits a person who has enjoyed a close working relationship with the company — such as a director, a prescribed officer, employee or consultant — within the past five years from being appointed the auditor of the company.  The bill proposes to reduce the five-year period to two years.  Further technical amendments are also proposed.

• Read this report by Linda Ensor in full at BusinessLive

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