FREE | Read the March 2023 edition of Business Law & Tax
Courts give clarity on employer obligations, both when the business cannot operate and on the question of severance pay when an employee is retrenched, and SA's reputation takes a knock in the global economy with its recent greylisting
14 March 2023 - 14:25
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Courts have provided more clarity on what companies have to do when their businesses cannot operate due to lockdowns, blackouts or other factors.
The court also ruled an employee will not be entitled to severance pay if the employee is employed by another employer and the retrenching employer can demonstrate that it secured the alternative employment through its efforts.
In the US a new US Securities Exchange Act rule takes effect on January 27 2024 and affects US-listed private issuers and dual-listed companies.
It directs US exchanges to establish listing rules that would require listed companies to adopt clawback policies for the recovery of incentive-based compensation awarded to executive officers when the financial information on which that compensation was based was materially misreported. There are substantive differences between the US and SA regimes governing such policies so steps should be taken to ensure compliance for SA private issuers which are US-listed.
SA’s greylisting by the Financial Action Task Force (FATF) has significant implications for its economic growth and global competitiveness, but moves are already being taken to satisfy the FATF.
More on these stories and others, available in this month's edition of Business Law & Tax.
Browse through the full publication below (zoom in or go full screen for ease of reading):
Also listen to our Business Law Focus podcasts, hosted by Evan Pickworth:
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
FREE | Read the March 2023 edition of Business Law & Tax
Courts give clarity on employer obligations, both when the business cannot operate and on the question of severance pay when an employee is retrenched, and SA's reputation takes a knock in the global economy with its recent greylisting
Courts have provided more clarity on what companies have to do when their businesses cannot operate due to lockdowns, blackouts or other factors.
The court also ruled an employee will not be entitled to severance pay if the employee is employed by another employer and the retrenching employer can demonstrate that it secured the alternative employment through its efforts.
In the US a new US Securities Exchange Act rule takes effect on January 27 2024 and affects US-listed private issuers and dual-listed companies.
It directs US exchanges to establish listing rules that would require listed companies to adopt clawback policies for the recovery of incentive-based compensation awarded to executive officers when the financial information on which that compensation was based was materially misreported. There are substantive differences between the US and SA regimes governing such policies so steps should be taken to ensure compliance for SA private issuers which are US-listed.
SA’s greylisting by the Financial Action Task Force (FATF) has significant implications for its economic growth and global competitiveness, but moves are already being taken to satisfy the FATF.
More on these stories and others, available in this month's edition of Business Law & Tax.
Browse through the full publication below (zoom in or go full screen for ease of reading):
Also listen to our Business Law Focus podcasts, hosted by Evan Pickworth:
READ PREVIOUS EDITIONS:
FREE | Read the February 2023 edition of Business Law & Tax
FREE | Read the November 2022 edition of Business Law & Tax
FREE | Read the October 2022 edition of Business Law & Tax
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