As you may be aware, BUSA is currently participating in a Nedlac task team on the Companies Amendment Bill. As part of engagements in the task team, Organised Labour has submitted a number of proposed amendments to the current Act. Members are strongly encouraged to study the proposals, which include – inter alia – the following proposals:
- Mandatory inclusion of pay ratios in remuneration reports;
- Binding shareholder votes on remuneration reports;
- Mandatory inclusion of trade union / worker representation in Social & Ethics Committees;
- Prohibition of share buybacks;
- Business Rescue amendments to favour the rights of workers over creditors.
- Granting unions / workers access to company accounting and financial records, board meeting minutes, etc.
Please provide your comments on the below proposals from Organised Labour by 19 August 2019.