Following the virtual 14 September 2021 Cabinet Meeting’s approval of the publication of the Companies Amendment Bill of 2021 for public comment, the dtic will publish the Draft Companies Amendment Bill for public comment on Friday, 01 October. The 2021 version is a redrafted bill with significant amendments.

The series of amendments in the Companies Amendment Bill aims to achieve three inter-related policy objectives:

(i) improving ease of doing business in respect of certain provisions of the Companies Act;

(ii) providing for greater transparency on wage ratios at firm level and;

(iii) addressing true or beneficial ownership of companies, to address money laundering challenges.

On 21 September 2018, an earlier version of the Companies Amendment Bill was published. Following a series of extensive consultations with the public, interested persons and industry bodies. These included; the National Economic Development and Labour Council (Nedlac), the Specialist Committee on Company Law (SCCL), Johannesburg Stock Exhange, and the SA Institute of Chartered Accountants, among others.

Following these consultations, the dtic will now bring the amendments before the public for comment. The redrafted bill will be presented in a programme chaired by Minister Ebrahim Patel on the 29 of September 2021, prior to the gazetting of the amendments on 01 October.

Source: Government of South Africa