JOHANNESBURG – If the Department of Trade, Industry and Competition (DTIC) gets its way, South Africa will soon create its first-ever database of the shareholders of all registered companies – with details of the actual individuals hidden behind fronts and proxies for larger shareholders.The DTIC formally called for public comment on a new version of the Companies Amendment Bill, as part of long-running efforts to close loopholes and tighten regulations that apply to any company registered in South Africa, from the behemoths listed on the JSE down to the tiniest, single-shareholder companies.The law will make it easier to do business in South Africa, the DTIC says, and will help combat excessive executive pay.But perhaps its most dramatic impact will be on the information it will make available in terms of ownership, in measures the department says are aimed at fighting money laundering and corruption.In theory, the shareholder register for any company is currently available to […]
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