BEE Shake-up Begins to Take Shape
In early June, President Ramaphosa announced that BEE legislation and broad-based economic empowerment strategy would be reviewed due to its ongoing ineffectiveness. This as the intended beneficiaries of the legislation remain left out of the country’s economy. And while this rhetoric has been said a number of times before, which loses some of its impact […]
The Future of Juristic Representatives of Financial Services Providers (FSPs)
The Financial Advisory and Intermediary Services Act 37 of 2002 (“FAIS”) regulates the provision of financial advice and intermediary services in respect of financial products. Although FAIS has a broad scope of application, the main industry role players include financial advisors and asset managers. An entity becomes a financial services provider (“FSP”) when it registers […]
Having Observer Status on a Board of Directors
When we work on a memorandum of incorporation (“MOI”) or shareholders agreement for a client, depending on the facts of the matter, we often ask whether they or another shareholder wish to have the right to appoint an observer on the board of directors of the relevant company. In brief- an observer is a person […]