Ann Crotty Writer-at-large

Proposed changes to the JSE’s listings rules could provide some protection to shareholders in scandal-dogged companies, and would prevent questionable companies from securing approval for listings. The JSE has called for comments on proposals to strengthen regulation of listed companies, after a year in which it said financial markets were "shaken by a range of corporate scandals, rumours and innuendo". The proposals include tougher initial listing requirements, increased qualifications for audit committee members and more effective disclosure of the interests of directors and senior management. JSE CEO Nicky Newton-King described the proposals as the most substantial changes to the philosophical underpinning of the JSE’s listing requirements since 1994. They follow unprecedented interrogation of the JSE leadership by parliamentarians tasked with identifying the cause of the near collapse of Steinhoff, which lost over 95% of its share value after accounting irregularities were discl...

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