Page 3 - Profmark_2024_Directors Guide

INDEX

Accountability, Transparency and Disclosure 23
Actions Requiring Shareholder Approval 52
Appointment and Election of Directors 10
Board, Committees and Meetings 17
Business Rescue 55
Categories of Companies 4
Close Corporations (CC’s) 3
Companies Amendment Act and Second Amendment Act, 2024 5
Defences and Relief for Directors 56
Directors’ Checklist 64
Duties and Responsibilities of Directors 15
Enhanced Accountability Requirements 36
Financial Year, Accounting Records, Financial Statements and Audits 32
Important Definitions in the Act 59
Important Laws Affecting Businesses in South Africa 61
Indemnification and Director’s Insurance 54
Introduction and Disclaimer 2
King IV ™ 6
Lending and Financial Assistance to Directors 31
Liability of Directors 45
Nature and Definition of a Director 9
Non-Eligible and Disqualified Directors 12
Non-Profit Companies (NPC’s) 58
Notes 64
Prescribed Officer 10
Probation and Delinquency 42
Public Interest Score Formula 36
Reckless Trading 41
Remedies and Enforcement 49
Remuneration of Directors 15
Rights and Powers of Directors 21
Ring-Fenced and Personal Liability Companies 53
Role of the Public Officer in the Company 57
Solvency and Liquidity Test 40
South African Law and Directors 3
Summary of Companies Act Amendments 62
Termination of Office 13
1