Specific sections of the Companies Amendment Act, 2024 and the entire Companies Second Amendment Act, 2024 (collectively, Companies Amendment Acts, 2024) came into effect on 27 December 2024. The Companies Amendment Acts, 2024 introduce several changes to the Companies Act, 2008 (Companies Act).
Several amendments in the Companies Amendment Acts, 2024 that have not come into effect require the manner and form of documents, fees, or other items to be prescribed or determinations to be published, including through amended Companies Regulations, to implement the relevant amendment. However, updates to the Companies Regulations have not yet been published.
Key amendments that are not yet in effect include:
- the new remuneration provisions requiring (among other things), shareholder approval of public and state-owned companies' remuneration policies and remuneration reports;
- the provisions enabling third parties to access certain company records, including annual financial statements, directly from certain categories of companies;
- the amendments altering how a private company will be considered a "regulated company" for purposes of the application of the takeover provisions; and
- the provisions empowering the court to validate invalid creations, allotments or issues of shares.
Below we highlight the key corporate-related amendments to the Companies Act, 2024. Amendments highlighted in green are in effect and amendments highlighted in red are not in effect at the time of writing. Where relevant, practical actions that companies should take to comply with the new amendments or to address the impact of the new amendments, once effective, are included.
Read our insight on the Companies Amendment Acts, 2024, including the provisions not yet in effect, here.
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