Faculty of Economic and Financial Sciences
Unit 4
Rights and Duties covered by statute
,Department of Commercial
Accounting
Companies Act 2008
Lesson 1
2
,Department of Commercial
Accounting
Why the new Act?
Because of changes in:
•Economic
•Social
•Political landscape
, Department of Commercial
Accounting
The Company law was also needed to promote
competitiveness and development of South African
Economy by:
•Encouraging entrepreneurship and enterprise development,
thereby creating jobs
•Promoting innovation and investments in SA markets, e.g.
predictable and effective regulatory environment
•Promoting efficiency of companies and their management
•Encouraging transparency & high standards of governance
•Harmonising Company Law with international best practice
jurisdictions
Unit 4
Rights and Duties covered by statute
,Department of Commercial
Accounting
Companies Act 2008
Lesson 1
2
,Department of Commercial
Accounting
Why the new Act?
Because of changes in:
•Economic
•Social
•Political landscape
, Department of Commercial
Accounting
The Company law was also needed to promote
competitiveness and development of South African
Economy by:
•Encouraging entrepreneurship and enterprise development,
thereby creating jobs
•Promoting innovation and investments in SA markets, e.g.
predictable and effective regulatory environment
•Promoting efficiency of companies and their management
•Encouraging transparency & high standards of governance
•Harmonising Company Law with international best practice
jurisdictions
