JSE reprimands PBT Group’s company secretary
Data specialist group PBT’s company secretary, Bianca Pieters, was reprimanded by the JSE on Tuesday for breaching its listing requirements.
“The JSE has decided to impose this public censure against Ms Pieters, in her capacity as the company secretary of PBT,” the local bourse said.
Company secretaries are appointed by a board of directors and are responsible for ensuring that company’s obligations under the corporate legislation are complied with.
Censures are meant to deter breach and reprimand wrong-doers for regulatory breaches.
The JSE said the firm’s AGM notices from 2014 to 2018 included in the company’s integrated reports “did not contain the necessary disclosures required for a general authority to repurchase shares resolution in terms of the JSE Listings Requirements”.
The JSE said PBT, which provides a range of business intelligence solutions and has a market capitalisation of R21.5m, had not received the necessary board resolutions to repurchase company shares during the period under review.
“The role of a company secretary, among other things, is to provide directors with guidance in their duties, responsibilities and powers, and to make directors aware of all laws and regulations relevant to the company. The company secretary takes responsibility for preparing the annual report and ensuring that statutory and regulatory disclosures are validated.”
Pieters is not the only company executive to be penalised by the JSE. In 2016, it publicly censured Redefine Properties’ executive director Mike Ruttell around his trading of company shares.
A number of listed companies have also been censured in the past, such as WG Wearne and Visual International, which had their shares suspended in 2018 for failing to meet the bourse’s financial reporting deadline.