Directors Duties – 27 January 2025

The purpose of this webinar is to help professionals understand the important responsibilities of directors in South Africa. We will explain what the law (Companies Act) says about their duties, as well as the principles from the King Code and corporate governance. This session will show how these rules and guidelines apply in real business situations. By the end, attendees will know how directors should act legally, ethically, and responsibly to protect the company, its employees, and its stakeholders while supporting the company’s success.

Date:

27 January, 2025

Time:

14:00

Hours:

3 hours

CPD Units:

Category:

Financial Reporting, Steward

Group:

Channel 2: Growth

Format:

Live Event

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Product Information

This 2-hour webinar will give a clear and detailed understanding of the responsibilities of directors in South Africa. It will explain the rules from the Companies Act, the important principles of good governance from the King Code, and how these apply to real business situations.

The session will cover both the legal and ethical duties of directors and why these are essential for running a successful and responsible business. Attendees will learn through practical examples and case studies that show what happens when these duties are not followed.

There will also be time for discussions and questions, so participants can explore real-life challenges and get advice on how to handle them. By the end of the session, attendees will have a stronger understanding of how to fulfill their roles as directors effectively and confidently.

What will set you apart

By attending this webinar you will gain the following competencies

Legal Framework

Understand the main rules in the Companies Act about what directors are required to do.

Learn what happens if directors don’t follow these rules, including personal consequences like being held responsible for company losses.

Corporate Governance

Explore the key ideas in the King Code (King IV) about good governance.

Learn why ethical leadership, honesty, and accountability are essential for directors.

Practical Application

Discover how directors can connect their duties to the company’s goals and ensure everything runs smoothly.

Look at real-life examples where directors failed in their duties and the lessons learned from these situations.

Key Areas of Focus

Fiduciary Duties:

Acting in good faith and always in the company’s best interests.

Avoiding decisions that benefit themselves over the company.

Duty of Care, Skill, and Diligence:

Making informed and thoughtful decisions based on facts.

Using their knowledge and skills to guide the company effectively.

Managing Conflicts of Interest:

Knowing how to handle situations where personal interests clash with company interests.

Oversight of Risks:

Keeping a close eye on financial and operational risks to prevent problems.

Making sure the company is prepared to handle challenges.

Sustainability and Stakeholders:

Promoting long-term success by balancing the needs of the business, employees, and stakeholders.

Ensuring the company acts responsibly toward the environment and society.

Event breakdown

Legal Duties of Directors

Introduction to the Companies Act: Overview of what the law requires from directors.

Fiduciary Duties:

Acting in good faith and in the company’s best interests.

Avoiding personal gain at the company’s expense (conflicts of interest).

Duty of Care, Skill, and Diligence:

Making informed, responsible decisions.

Using knowledge and expertise to guide the company effectively.

Consequences of Non-Compliance:

Personal liability and legal consequences if directors fail in their duties.

Principles of Corporate Governance

Introduction to the King Code (King IV): Key principles of corporate governance in South Africa.

Core Principles:

Ethical and effective leadership.

Accountability, fairness, and transparency in decision-making.

Directors’ Role in Governance:

Oversight of the company’s goals, risks, and performance.

Promoting sustainable business practices and stakeholder engagement.

Linking Governance and Business Strategy:

How directors can align corporate governance with long-term success and sustainability goals.

Practical Application and Case Studies

Applying Directors’ Duties in Practice:

Real-world scenarios showing how directors’ decisions impact businesses.

Case Studies:

Examples of governance failures and the consequences for companies and directors.

Lessons learned and how to avoid similar mistakes.

Interactive Q&A (10-15 minutes):

Opportunity for attendees to ask specific questions and discuss practical challenges.

Certificate

The following event is awarded 3 CPD units in Financial Reporting and Steward.

Presenter/s

Leana van der Merwe

Leana: Leana van der Merwe, with 18+ years in accounting and corporate governance, Leana leads technical support at CIBA and is a recognized thought leader in regulatory compliance.