Knowledge of and compliance with both the common law and legislation is essential for good governance. Not only do directors need to make sure that they are maintaining the highest standard in respect of their duties, but they must also ensure that they are complying with the administrative provisions of other legislation, such as the Income Tax Act. In addition, it is important that directors have a working knowledge of the guidance provided in King IV ™.

While the list below is not exhaustive, important legislation (and amendments), including those expanded upon in the Table below, include:

• The Companies Act
• The Close Corporations Act
• The South African Income Tax Act
• The Labour Relations Act
• The Occupational Health and Safety Act
• The Compensation for Occupational Injuries and Diseases Act
• The Employment Equity Act
• The Promotion of Access to Information Act
• The Protection of Personal Information Act
• The Financial Intelligence Centre Act
• The Trade Marks Act
• The Business Names Act
• The Consumer Protection Act
• The Competition Act
• The Electronic Communications and Transactions Act
• The National Credit Act
• The Basic Conditions of Employment Act
• The Broad-Based Black Economic Empowerment Act
• The Securities Transfer Tax Act
• The VAT Act
• The Skills Development Act
• The Unemployment Insurance Act
• The Insolvency Act
• Industry or sector specific legislation
• Listed companies must adhere to JSE securities exchange regulations.

Directors need to continually be aware of amendments and changes to legislation affecting a company. As can be seen it can be an onerous task to be a company director, should you require clarity regarding the above please do not hesitate to contact us for professional advice.