The new Companies Act will not be implemented today. The past few days were a rollercoaster of discussions and speculations of whether the Act will be implemented or not.
My impression is that I am not happy that it is not implemented today. The first complete Companies Bill was published on 11 June 2007, almost 4 years ago. Subsequent amendments and regulations were published which were necessary. The amendments were to a large extend cosmetic.
As stated in previous articles, the new Act is investor friendly, promotes transparency and directors accountability and enacted corporate governance provisions. The Act also brings our legislation in line with international trends.
If the Act, together with the amendments, and regulations were implemented during 2008, which were possible, we could have attracted more investments, and more job opportunities could have been created.
Be it as it may I just hope the Act is implemented as soon as possible.