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When must a director disclose a financial interest?

08 February 2022

Being a director in a company does not necessarily stop you from holding shares in other companies. However, should your... company transact with another company in which you have a shareholding stake and from which you could potentially benefit, it becomes important that you disclose such financial interest to your co-directors, even if you can’t influence the transaction.

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586
Article
Is it out with the boardroom table and in with online meetings?

10 July 2020

Our company has for years prided itself on regular board and shareholder meetings as the basis for the success of... our business. Initially we stopped due to the Covid-19 pandemic but have started meeting again using online meeting tools. With the pandemic continuing we are worried that we are not meeting the requirements of the Companies Act by not meeting in person. We have no other choice right now. Is it acceptable from a compliance perspective?

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379
Article
The liability of company directors for decreases in a company’s share price

11 November 2019

I’m the only shareholder in my company, a cleaning products business. I have two directors who run the business for... me. I’ve been building up the business over the years with a view to selling it as my retirement plan. However, the auditors have just informed me that the shares, in my mind worth about R10 million are now worth no more than about R3 million because of reckless management by the directors, selling of assets and even falsifying financial information and accounts. The nest egg I’ve been building is now nearly worthless because of their conduct. Can I recover what my company is worth less from them?

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550
Article
A director, shareholder and employee? What rules apply to each position?

13 May 2019

I’m a director in a local design company. I’m also a shareholder in the company and have an employment contract.... Lately, I’ve been at loggerheads with my co-directors about the direction of the business. I just feel we want different things. I’ve now decided to rather head out on my own and start my own design company. But I want to make sure I can do this?

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428
Article
The liability of company directors

04 October 2018

A friend of mine has a good business concept and he has asked me to come on board as a... partner. He wants to set up a company and make both of us directors in the company. I want to be part of the business but I’m not sure about being a director and what my liability may be?

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432
Article
My company is going under - what is my personal exposure?

08 August 2018

My wife and I are the sole shareholders and directors of our family company. We’ve had a few good years,... but with the current economic times, despite our best efforts to keep the company afloat, it doesn’t look like the company is going to make it. For the first time this reality has hit us and we are both worried that the company’s creditors will come after us and take our home and savings. Can they do this?

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488
Article

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