BusinessLive reports that Trade & Industry Minister Rob Davies has gazetted the Companies Amendment Bill which proposes a number of changes including steps that companies must take in the development of remuneration policies.  

The bill proposes that directors of a public company should prepare a directors’ remuneration report for presentation to shareholders at the firm’s annual general meeting (AGM) for each financial year.  The report should entail a background statement, an overview of the main provisions of the company’s policy on remuneration and an implementation report with details of remuneration and benefits awarded to individual directors.  Shareholder activist Theo Botha said on Monday that provisions required the board to take ownership and accountability for the policy.  The bill also makes it mandatory for a public or state-owned company to appoint a social and ethics committee at each AGM.  It gives the minister of public enterprises authority to prescribe the minimum qualification needed for members of a social and ethics committee.

• Read this report by Siseko Njobeni in full at BusinessLive

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