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June 2023

Understanding Your Obligations Under Section 83(4) PAIA Reporting Requirements for the Upcoming Deadline on 30 June 2023

As part of our commitment to keeping you informed and compliant with evolving legislation, we want to draw your attention specifically to the upcoming deadline regarding the Promotion of Access to Information Act 2 of 2000 (PAIA), specifically Section 83(4).   Section 83(4) of PAIA requires private bodies to submit an annual report to the National Assembly, detailing the number of requests for access to records received and granted in the previous year. This requirement underscores your legal obligation to promote transparency and good corporate governance within your organisation.

Matthew Delaney
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Complying with Updated Legislation: Mandatory Disclosure of Beneficial Ownership for Companies and Trusts

On 24 May 2023, the Companies and Intellectual Property Commission ("CIPC") issued Guidance Notice 2 of 2023, following the promulgation of the General Laws Amendment Act, 2022 ("The Amendment Act"). The Amendment Act introduced significant changes to several pieces of legislation, including the Financial Intelligence Centre Act 38 of 2001 ("FICA"), the Companies Act 71 of 2008, the Companies Amendment Regulations of 2023 and the Trust Property Control Act 57 of 1988 ("Trust Act"). These amendments have been swiftly implemented due to South Africa's grey listing status and the recommendations issued by the Financial Action Task Force ("FATF").

Amanda Crouch
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Beyond The Numbers - Exploring the Non-Financial Impact of ESG On a Business

In recent years, a growing number of investors have become increasingly aware of the importance of Environmental, Social, and Governance (ESG) factors in assessing the value of a company. As such, ESG has become an increasingly important factor in business valuation.

Brandon Thompson
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Opportunity And How It Relates to Fraud

In Part 2 of the series, we explored the “Why?” behind fraudulent behaviour by mentioning some of the potential motivations and pressures that could drive a perpetrator to commit fraud. We also proposed that should a potential fraudster lack the opportunity to commit fraud, then it would be likely that the act would go uncommitted. Therefore, we aim to provide some clarity on the “How?” that makes it possible for someone to commit fraud without getting caught.

Kaityn Bedford
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Why iXBRL Conversion Is a Must for Qualifying South African Companies

As technology continues to advance, businesses around the world are required to adapt to remain competitive and compliant with regulations. In this article, Amé Smith explores what iXBRL is and why its conversion is a must for South African companies.

Amé Smith
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