THEMATIC AREA CORPORATE GOVERNANCE OBJECTIVE 1: PROMOTE A ENABLING ENVIRONMENT AND EFFECTIVE REGULATORY FRAMEWORK FOR ECONOMIC ACTIVITIES OBJECTIVE 2: ENSURE THAT CORPORATIONS ACT AS GOOD CORPORATE CITIZENS WITH REGARD TO HUMAN RIGHTS, SOCIAL RESPONSIBILITY AND ENVIRONMENTAL SUSTAINABILITY OBJECTIVE 3: PROMOTE ADOPTION OF CODES OF GOOD BUSINESS ETHICS IN ACHIEVING THE OBJECTIVES OF THE CORPORATION OBEJECTIVE 4: ENSURING THAT CORPORATIONS TREAT ALL THEIR STAKEHOLDERS (SHAREHOLDERS, EMPLOYEES, COMMUNITIES, SUPPLIERS AND CONSUMERS) IN A FAIR AND JUST MANNER OBJECTIVE 1: PROMOTE AN ENABLING ENVIRONMENT AND EFFECTIVE REGULATORY FRAMEWORK FOR ECONOMIC ACTIVITIES Expected output Required Action as specified in PoA Time frame Progress New Companies’ legislation is adopted Accelerate reform of the Companies Act and enhance public participation in the process to empower vulnerable groups 2008 The Companies Act, Act No. 71 of 2008 (‘new Act’) was signed by the President on 8 April 2009. The Act is intended to ease regulatory burden and streamline the company’s registration processes by integrating all corporate business undertakings into one regulatory regime. Improved monitoring mechanism Develop compliancemonitoring mechanisms 2009 The new Companies’ Act provides for the administration and enforcement of monitoring and regulatory bodies such as the Companies and Intellectual properties Commission (CIPC), the takeover Regulation Panel, the Companies Tribunal, and the Financial reporting Standards Council (FRSC) 78 Remarks