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The first South African company legislation was the Companies Act [3] of 1926, which was based on the Transvaal Companies Act, [4] which was in turn based on the British Companies (Consolidation) Act 1908. The next major South African legislation in this area was the Companies Act [5] of 1973, which remained in force until 31 April 2011.
In 1994, the first King report on corporate governance (King 1) was published, the first corporate governance code for South Africa. It established recommended standards of conduct for boards and directors of listed companies, banks, and certain state-owned enterprises.
SAICA is a non-profit, voluntary body that provides a wide range of services to its members and associates. It is controlled by a Board, elected by members through regional committees, and by bodies representing the Institute's other key constituencies such as members in business (commerce and industry), large practices, small practices and ABASA.
The board of directors has ultimate control over the organization, but typically an executive director is hired. In some cases, the board is elected by a membership, but commonly, the board of directors is self-perpetuating. In these 'board-only' organizations, board members nominate new members and vote on their fellow directors' nominations. [38]
Company secretaries in all sectors have high level responsibilities including governance structures and mechanisms, corporate conduct within an organisation's regulatory environment, board, shareholder and trustee meetings, compliance with legal, regulatory and listing requirements, the training and induction of non-executives and trustees, contact with regulatory and external bodies, reports ...
Constitution of the Republic of South Africa Amendment Act, 1994: 3: Constitution of the Republic of South Africa Second Amendment Act, 1994: The Constitution of the Republic of South Africa, 1993, came into force on 27 April 1994 with the election of the first non-racial Parliament on that date. 4: South African Passports and Travel Documents ...
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SAIT is a not for profit professional body incorporated in 2007 by a group of tax professionals and educators. The SAIT is governed by a Constitution, with a Board elected by members. When SAIT was formed in 2007, the Institute announced that one member of the Board may be nominated by the South African Revenue Service (SARS). SARS said they ...