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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 2 : Formation, Administration and Dissolution of Companies

Part C : Transparency, accountability and integrity of companies

30A. Duty to prepare and present company's remuneration policy

 

(1) All public companies and state-owned companies must prepare and present for approval a remuneration policy as contemplated in subsection (2).

 

(2) The remuneration policy—
(a) must be presented to and approved by shareholders at the annual general meeting by an ordinary resolution and if not approved must be presented at the next annual general meeting or at a shareholders meeting called for such purpose;
(b) will remain in force for a period of three years from approval and must be approved every three years thereafter; and
(c) may be amended prior to the end of the three-year period provided that any material amendment can only be implemented after it is approved by the shareholders by an ordinary resolution at a shareholders meeting called for this purpose or at an annual general meeting.

 

[Section 30A inserted by sections 6 and 24(a) of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024]