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Thousands of firms miss May 1 Companies Act deadline

2 May 2012

According to a survey conducted by global audit, tax and advisory firm Mazars, only half of companies surveyed had complied with a May 1 deadline to establish a social and ethics board committee, Business Day says. It appears that, a year after the new Companies Act became law; thousands of companies may have already missed this key deadline of the act.

Mazars ran a survey in association with the Institute of Directors in Southern Africa to measure how many companies had complied with a May 1 deadline to establish a social and ethics board committee. A partner at Mazars, Kariem Hoosain, said yesterday the survey, conducted about three weeks ago, found only half the companies had set up the committee at the time of asking.

The act can compel noncompliant companies to fall into line. It contains a variety of measures that can be applied, including fines, sanctions and prosecution. Directors could face penalties for non-compliance, Hoosain said.

Read the full article on www.businessday.co.za.