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SPOTLIGHT ON THE COMPANIES ACT
Approval for Directors’ remuneration

The new Companies Act requires that directors’ remuneration must be disclosed in the audited financial statements of the company. Moreover, directors’ remuneration is subject to shareholder approval by way of a special resolution. This enabling resolution authorizes remuneration packages for two years after it has been made. It is therefore highly advisable that remuneration committees obtain such authorization timeously to ensure payment. While the 1973 Act required the disclosure of directors’ emoluments only, the Act now defines remuneration widely and therefore the disclosure of, among other things, fees, salaries, bonuses, performance related payments, expense allowances etc is mandatory. If you have any questions and/or queries contact Simone Monty at Eversheds on 011 775 6335 or email simonemonty@eversheds.co.za.

 
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SPOTLIGHT ON THE COMPANIES ACT Approval for Directors’ remuneration
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