scholarly journals A Comparative Analysis of Director Tenure in South Africa and Selected International Jurisdictions

2021 ◽  
Vol 54 (1) ◽  
Author(s):  
Rehana Cassim
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Hong Kong ◽  
United Kingdom ◽  
Comparative Analysis ◽  
South African ◽  
The South ◽  
Public Companies ◽  
The United Kingdom ◽  
Governance Practices

Director tenure attracts attention worldwide and is increasingly being recognised as a crucial element in assessing an external (independent non-executive) director’s independence. Director tenure has recently come under the spotlight in South Africa. Shareholder activists are expressing disapproval of lengthy tenures of directors serving on boards of listed public companies and exerting pressure on long-serving directors to resign from office. This article examines whether the South African corporate governance principles regulating director tenure are adequate or in need of revision. The article examines further the corporate governance practices in leading jurisdictions such as the United Kingdom, Malaysia, Singapore, Hong Kong, and India that have recently revised their corporate governance practices. It then makes recommendations for enhancing the South African corporate governance approach to director tenure. It also calls on directors to collaborate with shareholders and independent external experts to examine their approach to director tenure and, if circumstances allow, revise the company’s memorandum of incorporation to limit directors’ tenure or provide for a staggered rotation of directors on the board.

The Actuary in South Africa (1973).

1974 ◽  
Vol 21 (01) ◽  
pp. 58-69
Author(s):  
P. W. Barke
Keyword(s):  
South Africa ◽  
United Kingdom ◽  
South African ◽  
The South ◽  
General Outline ◽  
The United Kingdom

1.1. It is over 17 years since the paper ‘The Actuary in South Africa’ (1) was discussed. In South Africa as elsewhere great changes have taken place and it was felt appropriate to bring the position up to date. Nevertheless those interested are recommended to refer to the 1957 paper and not least to Mr R. G. Mallett's introduction to the discussion. Since the decision was taken to write this paper, Mr Spedding's paper ‘The Actuary in Australia’ (2) has been presented and to facilitate comparison, I have followed the general outline of that paper.1.2. The South African currency is Rands and cents (100 cents equals one Rand). Since South Africa did not follow the United Kingdom devaluation of 1967 the parity was R. 12 equals £7 sterling but South Africa devalued at the end of 1971 and then R. 2 was almost the same as £1. At the time of writing the pound is roughly equivalent to 1·5 Rand.

scholarly journals The goal(s) of corporate rescue in company law: A comparative analysis

2017 ◽  
Vol 13 (2) ◽  
pp. 20-31
Author(s):  
Anthony O. Nwafor
Keyword(s):  
United Kingdom ◽  
Comparative Analysis ◽  
South African ◽  
Corporate Sustainability ◽  
Company Law ◽  
The South ◽  
Industrial Companies ◽  
The United Kingdom ◽  
Bankruptcy Code ◽  
Corporate Rescue

The concept of corporate rescue lays emphasis on corporate sustainability than liquidation. This trend in corporate legislation which featured in the United Kingdom Insolvency Act of 1986, Australian Corporations Act 2001, Indian Sick Industrial Companies (Special Provisions) Act of 1985 (as replaced by Companies Act, 2013 and supplanted by the Insolvency and Bankruptcy Code, 2016) has been adopted in the South African Companies Act of 2008. The goal(s) of corporate rescue in some of these jurisdictions are not clearly defined. The paper examines, through a comparative analysis, the relevant statutory provisions in the United Kingdom, India, Australia and South Africa and the attendant judicial interpretations of those provisions with a view to discovering the goal(s) of corporate rescue in those jurisdictions. It is argued that while under the United Kingdom and Australian statutory provisions, the administrator could pursue alternative goals of either rescuing the company or achieving better results for the creditors; the South African and Indian statutory provisions do not provide such alternatives. The seeming ancillary purpose of crafting a fair deal for the stakeholders under the South African Companies Act’s provision is not sustainable if the company as an entity cannot be rescued.

The intersection between taxation and insolvency — The South African Revenue Service’s preference

2021 ◽  
Vol 138 (4) ◽  
pp. 799-817
Author(s):  
Carika Fritz ◽  
Thabo Legwaila
Keyword(s):  
South Africa ◽  
United Kingdom ◽  
South African ◽  
Tax Administration ◽  
The South ◽  
Tax Legislation ◽  
The United Kingdom

When a debtor’s estate is sequestrated or an insolvent company is wound up, insolvency and taxation intersect whenever the debtor or company has an outstanding tax debt. This article considers whether the South African Revenue Service should, or could, be provided with a better standing in cases of insolvency. From a comparison of the situations in South Africa, Mauritius, Australia and the United Kingdom, it is clear that South Africa’s approach of determining the order of distribution in relation to tax claims based on the type of tax is in line with the approaches of Mauritius and the United Kingdom. However, s 179 of the Tax Administration Act and ss 114 and 147(1) of the Customs and Excise Act may have an impact on a claim by the South African Revenue Service in the event of insolvency. In this respect, we argue that, in instances where a taxpayer is sequestrated or wound up due to insolvency, the Insolvency Act and the Companies Act should take precedence. Since the Insolvency Act provides for a clear order of distribution both in respect of the insolvent estates of natural persons and when an insolvent company is wound up, tax legislation in South Africa should not be used to deviate from this order of distribution.

scholarly journals A Comparative Discussion of the Judicial Disqualification of Directors under the South African Companies Act

2020 ◽  
pp. 1-24
Author(s):  
Rehana Cassim
Keyword(s):  
United States ◽  
United Kingdom ◽  
South African ◽  
United States Of America ◽  
The United States ◽  
The South ◽  
The United Kingdom ◽  
Locus Standi

Abstract Section 162 of the South African Companies Act 71 of 2008 empowers courts to declare directors delinquent and hence to disqualify them from office. This article compares the judicial disqualification of directors under this section with the equivalent provisions in the United Kingdom, Australia and the United States of America, which have all influenced the South African act. The article compares the classes of persons who have locus standi to apply to court to disqualify a director from holding office, as well as the grounds for the judicial disqualification of a director, the duration of the disqualification, the application of a prescription period and the discretion conferred on courts to disqualify directors from office. It contends that, in empowering courts to disqualify directors from holding office, section 162 of the South African Companies Act goes too far in certain respects.

scholarly journals Transparency in corporate governance: Extent of directors duty to declare interest in company’s transactions

2015 ◽  
Vol 11 (1) ◽  
pp. 137-148 ◽  
Author(s):  
Anthony O. Nwafor
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
United Kingdom ◽  
Comparative Analysis ◽  
Common Law ◽  
Men And Women ◽  
Legal Personality ◽  
The Common ◽  
The Law ◽  
Important Position

The realization that the directors occupy important position in corporate governance, and as business men and women, cannot be prevented from having dealings with the company, demand a close scrutiny of corporate transactions in which they are directly or indirectly involved or have an interest to ensure that such interest is not placed above their duty to the company. One of the ways in which the law strives to achieve this balance is by imposing a duty on the director to disclose to the board any interest he has in company’s transactions. This requirement which was previously governed by the common law and the company’s articles, is presently increasingly finding a place in companies statutes in different jurisdictions. The paper examines, through a comparative analysis, the provisions on the duty of the director to disclose interest in company’s transactions in South Africa and United Kingdom with the aim of discovering the extent to which the statute in both jurisdictions upholds the common law prescriptions. The paper argues that the need for transparency in corporate governance and the preservation of the distinct legal personality of the company demand that the duty to disclose interest should be upheld even in those cases of companies run by a sole director.

“Experience that Generates Experience”: The Influence of the Comedy in three South African Writings

2021 ◽  
pp. 131-142
Author(s):  
Marco Medugno
Keyword(s):  
South Africa ◽  
Comparative Analysis ◽  
Creative Writing ◽  
South African ◽  
Historical Context ◽  
Divine Comedy ◽  
The South ◽  
Literary Context ◽  
Divine Justice

This article aims to explore the intertextual relationships between Dante’s Divine Comedy and three pieces of creative writing: Chariklia Martalas’ “A Mad Flight into Inferno Once Again”, Thalén Rogers’ “The Loadstone” and Helena van Urk’s “The Storm”. By employing a comparative analysis, I argue that, even though decontextualised, the Comedy still represents a fruitful aesthetic source for representing particularly war-torn and violent contexts such as South Africa during apartheid and colonialism. I explore how the authors, through intertextual references and parodic rewriting, both re-configure the poem and challenge some of the Comedy’s moral assumptions and the idea of (divine) justice. I aim to show how Dantean Hell, far from being an otherworldly realm, is in fact transfigured and adapted to effectively represent (and make sense of) a historical context. In other words, through an intertextual analysis, this analysis tries to understand why and how the Comedy resonates with the South African socio-political (and literary) context.

scholarly journals Omicron: The pandemic propagator and lockdown instigator – what can be learnt from South Africa and such discoveries in future

2021 ◽  
Vol 11 (4) ◽  
pp. 1126-1129
Author(s):  
Indrajit Banerjee ◽  
Jared Robinson ◽  
Indraneel Banerjee ◽  
Brijesh Sathian
Keyword(s):  
South Africa ◽  
United Kingdom ◽  
South African ◽  
Clinical Features ◽  
Developing Nations ◽  
Global Community ◽  
The United Kingdom ◽  
New Variant ◽  
Predominant Variant ◽  
Current Point

The SARS-CoV-2 virus which causes the disease termed COVID-19 ripped through the globe in the latter part of 2019 and has left a state of fear, death and destruction in its wake. The Omicron variant was officially announced by the South African authorities on the 24th of November 2021, with the first confirmed sample of the infection being collected on the 9th of November 2021. The initial cases were flagged as a possible new variant due to the stark differences in the presentation and clinical features of the patients. At the time of Omicron’s discovery, the predominant variant circulating within South Africa was the Delta variant B.1.617.2 which typically presented with more severe and stark symptoms.  Omicron spread rapidly within the Southern African content and abroad, principally South Africa, Botswana, Hongkong and Israel were among the first countries to record cases of the new variant. The first European case of the Omicron variant was confirmed on the 26th of November 2021 in Belgium. Towards the end of November 2021 cases of the new variant had been confirmed and recorded in France, the United Kingdom, Germany, Portugal and Scotland. Additional cases of the Omicron variant have been confirmed in Canada and Australia. At this current point in the development of the Omicron upsurge in cases the international community should aim for further vaccinations among their fellow countrymen, but more so vaccine equality should be ensured. Such equality should be ensured in the developing nations as the virus does not respect any boundaries or territories and thus a higher level of vaccination worldwide will confer greater protection to the global community as a whole.

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