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The Supreme Court of Appeal delivered a judgment last week (1 June 2005), which will have far reaching implications in the context of an auditor's duty of care to third parties.
THIS week’s LeisureNet court case may herald the start of more aggressive shareholder action to hold directors accountable. Two former LeisureNet directors, Rod Mitchell and Peter Gardener, are being sued by the auditors.
This article outlines the common law and statutory duties of company directors.
How does The Prevention and Combating of Corrupt Activities Act affects the common corporate practices of hosting existing (and prospective) customers and clients to lavish lunches, weekends at exclusive game lodges and, in some instances, elaborate holidays abroad? When, in other words, does the giving and receiving of such benefits constitute a crime of corruption? The answer lies in the minds of the giver and the receiver of the benefit.
What is a Non-Executive Director?
Whereas normally foreign dividends are taxable in full, with credit given only for foreign withholding taxes paid, the participation exemption rules provided that if a shareholder held more than 25% of the equity share capital of a foreign company, the dividends receivable were exempt from tax, and the proceeds on disposal of the shares, provided the shares were sold to a non-resident, were exempt from capital gains tax.
Competition authorities apply a more cautious approach in assessing the economic impact of vertical integration – a case in point being the Competition Commission's recent prohibition of the proposed acquisition of Komatiland Forests by Bonheur.
Members of a Close Corporation are in principal not liable for the debts of the CC but liability may arise, jointly and severally, with the CC in certain circumstances.
The spectacular corporate failures of the past five years have increased directors’ interest in corporate risk management. Directors can reduce the risk of failure only if they understand the comprehensive nature of a risk management strategy and take deliberate steps to implement the strategy.
Transformation of the legal profession is not only an economic and moral imperative but the maintenance of the rule of law is dependent on transforming the legal profession.
If you’re an enterprise with a total annual revenue of R5 million or less then don’t read further. If your turnover is more then learn how to get into BEE shape