Companies Act: Three More 2024 Amendments to Commence in May 2026

Posted 22 May 2026 Written by Acts Online
Category Company Law

Brought to you by SA Legal Academy: In terms of a presidential proclamation published in the Government Gazette, sections 5, 6, and 19 of the Companies Amendment Act, No. 16 of 2024 will come into effect on 22 May 2026.

These sections introduce significant compliance and reporting changes to the Companies Act, No. 71 of 2008 (the principal Act), specifically concerning annual financial statements, corporate remuneration reporting, and alternative dispute resolution.

The specific amendments coming into force on 22 May 2026 are:

  • Section 5 (Amending Section 30): Amends section 30 of the principal Act to require the explicit naming of individual directors and prescribed officers in a company’s annual financial statements.
  • Section 6 (Inserting Sections 30A and 30B): Introduces mandatory requirements for the preparation of a company remuneration policy, alongside related implementation reporting.
  • Section 19 (Amending Section 166): Amends section 166 of the principal Act, making the Companies Tribunal responsible for certain prescribed alternative dispute resolution processes.

These provisions follow the commencement of several other sections of the Amendment Act, which came into force in December 2024.

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; your professional responsibility is to advise corporate boards on the upcoming disclosure and remuneration reporting requirements.
  • For your business: Update internal corporate governance and compliance templates to prepare for the mandatory remuneration policy drafting and reporting requirements ahead of the May 2026 deadline.
  • For your clients: Advise corporate clients to audit their annual financial statement processes to ensure individual directors and prescribed officers are named, and assist them in establishing compliant remuneration policies.

Originally published at https://legalacademy.co.za/news/read/companies-act-three-more-2024-amendments-now-in-force

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