FOLLOW UP- IoDSA, King Committee express concerns over proposed amendments to Companies Act relating to remuneration
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GUEST – Dr Mark Bussin, member of the King Committee and the IoDSA Remuneration Committee Forum
The Institute of Directors in South Africa (IoDSA) and the King Committee have warned that new laws around executive pay and the permissions needed by shareholders to implement it could see businesses held to ransom by shareholders – and drive another nail into the coffin for South Africa as an attractive destination to do business.
In a note, the IoDSA and King Committee said that they remain supportive of reform efforts in what is a highly contested area of business operations – ie, executive pay and remuneration – but stressed that some of the proposals contained in the Companies Act Amendment Bills 2023 relating to remuneration are “problematic”.
The Institute of Directors in South Africa (IoDSA) and the King Committee have warned that new laws around executive pay and the permissions needed by shareholders to implement it could see businesses held to ransom by shareholders – and drive another nail into the coffin for South Africa as an attractive destination to do business.
In a note, the IoDSA and King Committee said that they remain supportive of reform efforts in what is a highly contested area of business operations – ie, executive pay and remuneration – but stressed that some of the proposals contained in the Companies Act Amendment Bills 2023 relating to remuneration are “problematic”.
