Cabinet has approved the publication of the Companies Amendment Bill for public comment‚ saying it will reduce regulatory and administrative burdens to business owners and enhance South Afric's attractiveness to potential investors.
Communications Minister Nomvula Mokonyane made the announcement at a post cabinet media briefing on Thursday.
Deputy director general of the consumer and corporate regulation division of the DTI Evelyn Masotja said most of the amendments were technical in nature and were concerned with streamlining and clarifying administrative issues.
In some cases the Companies and Intellectual Property Commission (CIPC) was given timelines within which it had to process documentation. For example the CIPC will have 10 business days within which to consider a notice of an amendment to the memorandum of incorporation.
The bill will also require the submission to the annual general meeting of shareholders of a report on the remuneration of directors of a public company each financial year in a prescribed manner and form.
Masotja said there were no new policy amendments in the bill.
She noted that no amendments had been made to the Companies Act since its promulgation in 2011.