GEN - General - Consultation process on proposed changes to Listings
JSE
GEN
GEN - General - Consultation process on proposed changes to Listings
Requirements regarding company secretaries and audit committee sign off
We refer you to our announcement of 17 October 2011 which invited comments on
proposed changes to the Listings Requirements regarding a prohibition on the
company secretary being a director of the company, in any capacity.
During the public consultation process concerns were raised such that we
believe that some of the practical problems that the proposal will introduce
will out way the desired benefits.
We have therefore revised our approach on this matter, as well as introduced
some other changes which aim to boost corporate governance. We propose
amending the Listings Requirements in four areas:
1. Requiring the board to include a statement of sign off on the
competence and expertise of the company secretary (as they do for
the Financial Director).
2. To ask for explicit disclosure in the AFS dealing with a company`s
application of the principle of having an arms length relationship
between the company secretary and that the company secretary should
not be a director.
3. For official JSE documents, where the company secretary is also a
director, we will prohibit that person from signing off in both
capacities and instead ask for another director to also sign off.
4. To have a greater focus on the responsibilities of audit committee
for a new listing.
The proposed Listings Requirements are available on the JSE`s website and
interested parties are invited to submit their comments by no later than
9 May 2012. Comments can be submitted electronically to thandekam@jse.co.za.
11 April 2012
Date: 11/04/2012 11:00:01 Produced by the JSE SENS Department.
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