The South African economic landscape changed for ever after the first democratic election of 1994. The change heralded an era of inclusion, the economic landscape became open to people from all races, whereas before economic power was centralised in the hands of a minority group due to Apartheid legislation. Exploring the relationship of diversity of board members on the corporate governance of small, micro and medium enterprises (SMME’s) in South Africa has become imperative. Understanding the relationship, if any, which exists can aid SMME’s in board selection and corporate governance alike. Data for the study was collected through a self-enumerated questionnaire completed electronically and followed-up by interviews with heads of boards surveyed. Both the questionnaire and the interviews focussed on corporate governance, which included different components of governance such as the general principles of governance followed in the enterprise, the stakeholder focus exerted by the board of directors and the functioning of the board of directors. This resulted in a score for the enterprise which can be expressed as a percentage. This governance indicator was related to questions on the diversity of board members. The findings were in many cases contradictive when a single variable was observed against the score an enterprise achieved for governance. When taking a more holistic approach and evaluating multiple variables, it became evident that it is rather a combination of variables which displays some relationship with corporate governance. This study found that board diversity does have a relationship with corporate governance. The magnitude of this relationship could not be ascertained and warrants further research in a wider spectrum of the South African economy and also with a larger group of subjects. / Business Management / M. Tech. (Business Administration)

Effective corporate governance of boards can become a sustainable competitive advantage for organisations. In the extant literature a number of reasons are cited for dysfunctional boards. Some of the reasons attributed to board failure relate to poor corporate governance, practice and oversight. Some of the reasons for board failure pertain to micromanaging of the organisation, an ineffective nominating committee, size of the board, non-functioning committee structure, absence of strategic plan, no orientation\induction plan and no rotational plan. Poor governance practises across all sectors has negatively tainted economic investment in South Africa consequentially affecting economic growth. Below South Africa’s competitive rating slipped from (52nd) in 2012-2013 to 53rd in 2013-2014 rating is given to show that marked improvement is needed in corporate governance. South Africa’s rating in the Corruption Perceptions Index for 2012 was 43 and slipped to position 69 amongst 176 countries for the Corruption Perception Index, 2013. The trend analysis report of the Public Service Commission reported that In 2006/7, there were 1 042 cases of corruption, amounting to R130.6-million; in 2007/8, there were 868 cases, amounting to R21.7-million; in 2008/9, there were 1 204 cases, amounting to R100.1-million; in 2009/10, there were 1 135 cases, amounting to R346.5-million; in 2010/11, there were 1 035 cases, amounting to R932.3-million; in 2011/12, there were 1 243 cases, amounting to R229.9-million. Good governance frameworks, policies, procedures, processes and practices attract foreign direct investments. Better governance practices are critical for improved economic growth and development that will result in an improvement in the South Africa’s competitiveness and corruption perception index ratings. South Africa’s continued economic growth and development is dependent on attracting foreign direct investment. From 1994 corporate governance regimes were promulgated. Although there are a collection of corporate governance codes and guidelines that have been published, few specifically cover governance practices in public entities. Moreover, with better governance practices state-owned enterprises can significantly contribute to the economic transformation and development in South Africa. The purpose of the study is to establish that improved governance is a function of board structure and board process variables. With the presence of structural and process variables board activism will improve resulting in board decision quality. Independent directors without no conflict of interest, the requisite industry expertise and intelligence (functional area knowledge), the information to make decisions are adequate, accurate and timely (information quality), directors exert the needed effort (effort norms), directors robustly explore all dimensions and options (cognitive conflict) and the board functions optimally (cohesiveness) influence board decision quality. Boards which are configured optimally are able to execute their fiduciary responsibility optimally. In 2012 a budget of R845.5 billion was provisioned for infrastructural development to boost economic development. This budget allocation must be prudently and frugally managed in accordance with good governance practises to achieve economic development. In particular South Africa has to improve its competitiveness rating and corruption perception index to attract investments and continual growth. In terms of the research design, to address the research questions, a mixed research approach was selected for the study. The phenomenological (qualitative) and positivist (quantitative) philosophical paradigms were adopted with the purpose to obtain a greater understanding of board decision quality in the Public Entities in South Africa. The data collection instruments used in the study was in-depth interviews, focus group interviews and administration of a survey. The population for the qualitative research was 19 in-depth interviews and two focus group interviews. For the quantitative study a population of 215 public entity board members were selected for the study. A total of 104 board members of Public Entities completed the survey for the study. In relation to data analysis for the qualitative study Tesch’s coding, thematic analysis was used to analyse the in-depth and focus group interviews. For the quantitative study, SPSS was used to analyse responses from the surveys. The hypothesis was tested using inferential statistics, namely, factor analysis and multiple regression was used.. The findings generated from the first phase, the qualitative study that provided support for the positive relationship between board structure, board process variables and board decision quality. The following five variables are incorporated in a model that seeks to identify the strongest predictor of board decision quality: (1) board independence, (2) effort norms, (3) functional area knowledge and skill, (4) cognitive conflict and (5) information quality. The findings show that information quality is the strongest predictor of board decision quality followed by expert knowledge and skill. As expected, expert knowledge does not only increase the cognitive capacity of the board, but it also positively affects company competitiveness. The findings also show that cognitive conflict has a negative association with decision quality. The study argues that political influence exerted by board political appointees may explain the negative relationship between cognitive conflict and board decision quality. The major contribution of this study is that it provides a 28-item instrument that can be used practically by public entity boards in the reflective process to improve board decision quality. The study concludes by offering avenues for further research. The model suggests that board decision quality is a product of board structure (board independence), board process (functional area knowledge, information quality, and cognitive conflict and effort norms). / Business Management / D.B.L.

Globalisation had a major impact on the way organisations operate. Access to information and innovative technology connote that organisational leaders need to make timely decisions while considering a range of rapidly changing variables. Leaders of global organisations need to make sense of complex information and anticipate the long-term outcomes of making different decisions. This requires highly developed cognitive skills. However, these are not the only factors influencing strategic decisions. Value systems also affect the choices organisational leaders make. Limited existing research has investigated the relationship between values and cognition within organisational leadership. The aim of this study was to investigate the relationship between cognitive complexity, cognitive processes and individual values at a senior management level in a multinational company. Cognition is explored in terms of cognitive processes and levels of work (as measured by the Cognitive Process Profile), and values are explored in terms of value systems (as measured by the Value Orientations questionnaire). The study is based on a quantitative research design, where a sample of 265 executives, senior managers and directors employed at a multinational organisation completed the assessments. The empirical study (N = 265) yielded some weak, yet statistically significant, relationships between cognition and value systems among organisational leaders in a multinational organisation. / Industrial and Organisational Psychology / M.A. (Industrial and Organisational Psychology)

Univ., Diss.--Bern, 2007.

Good corporate governance should be the cornerstone of all company management. Directors ought to know in whose interests the company should be managed. This thesis attempts to answer the following question: whose interests must be granted primacy in the management of a company? In chapter 1 it is stated that shareholders' interests are traditionally granted primacy in the management of a company. There has, however, been a shift in public opinion towards recognition of a wider variety of interests that should be considered than only those of the shareholders. These interests include, inter alia, environmental interests and those of the investors, employees and consumers. This thesis thus focuses on the primary stakeholders, namely individual shareholders, creditors, employees, consumers and suppliers. In chapter 2 a theoretical foundation is provided on the nature of a company. The different theories on the nature of a company, emphasising either shareholder primacy or stakeholder protection, are discussed. A combined new theory is proposed. It is suggested that the confusion relating to the meaning of "the company" needs to be eliminated. Chapters 3, 4 and 5 provide an international comparison of the company law in Botswana, Australia, New Zealand and the United Kingdom. The focus falls, firstly, on directors' duties, secondly, on the question in whose interests directors should manage a company and, thirdly, on the codification of their duties. In chapter 6 the South African position is evaluated. First, the possible stakeholders are identified and the protection currently afforded them is explained. The reports of the King Committee on Corporate Governance, the Policy Document on company law reform as well as the Companies Bill of 2007 are discussed. Draft clauses are recommended to be incorporated in new company legislation to provide directors with clarity on what is expected of them. It is the aim of this thesis to provide clarity on whose interests should receive primacy when directors manage a company. The outcome of this research should provide a clear indication to South African directors of what is expected of them and who the beneficiaries of their fiduciary duties are. / Law / LL.D.

Abstract in Zulu, English and Afrikaans / This study examined the consequences of Principal-Agent and Corporate Governance interactions within South Africa’s FTSE/JSE Top40 listed companies from 2008 to 2016. The study’s objectives were to examine the prevalence of Principal-Agent and Corporate Governance problems, to ascertain potential costs of these problems, to establish their socio-economic consequences, and evaluate the effectiveness of the governance codes. The study is anchored in Principal-Agent theory. Mixed methods methodology was employed, specifically Concurrent and Exploratory Sequential Mixed Methods design logics. The main findings include that, 23.91% of sample companies experienced Principal-Agent and Corporate Governance problems- significantly exceeding the study’s expectations that negligible governance problems exist and reveals the pervasiveness of these problems; executive compensation plays a bigger role in exacerbating Principal-Agent and Corporate Governance problems than expected and often considered in governance mechanisms; multi-billion rands potential costs are ascribed to Principal-Agent and Corporate Governance problems incurred by principals; unjustifiable salary inequalities resulting in other inequalities that build social mistrust; and there is limited conviction that current governance codes are effective. This study’s contributions include; proposing an executive remuneration model that considers governance of the company in determining executive compensation; formulating a governance index calculated based on King III and King IV recommendations to standardise the measurement of the quality of governance in companies; the salary Gini was used to establish compensation gaps and red-flag potential Principal-Agent problems and flaws in governance systems; and used value at risk procedures to quantify potential Principal-Agent and Corporate Governance costs. The main theoretical implications of the study’s findings are; agency theory needs extension to capture socio-economic costs and not only focus on the principal; remuneration models should consider the executive’s company governance and social and economic egalitarianism; flexibility of ‘comply or explain’ should subordinate socio-economic consequences, suggesting a hybrid approach which makes certain governance code provisions compulsory; and finally, behavioural finance theories should be used in governance research for better insights. / Lolu cwaningo lwacubungula futhi lwahlolisisa imiphumela yokuxhumana phakathi kwesimo seNhloko ne-Ejenti, i-Principal-Agent, (lapho umuntu eqoka omunye ukuba athathe izinqumo kanye/noma izinyathelo egameni lakhe) nokuPhathwa nokuLawulwa Kwenkampani, ezinkampanini ezingama-40 ebezikleliswe phezulu ohlwini lwe-FTSE/JSE eNingizimu Afrika kusukela ngowezi-2008 kuya kowezi-2016. Izinhloso zalolu cwaningo kwabe kuwukubheka ukuthi zivamise kangakanani futhi zisabalele kangakanani izinkinga eziphathelene neNhloko ne-Ejenti kanye nokuPhathwa Nokulawulwa Kwenkampani ukuze kutholakale ukuthi zingakanani izindleko ezibangelwa yilezi zinkinga, nokuthola umthelela walokhu kwinhlalomnotho, kanye nokuhlola ukuthi zisebenza kahle kangakanani izinkambiso zokuphathwa nokulawulwa kwezinkampani. Lolu cwaningo lwakhelwe phezu kwethiyori yeNhloko ne-Ejenti. Kwasetshenziswa izindlela zocwaningo ezixubile, ikakhulukazi izindlela ezixubile zokuhlola kusetshenziswa izinyathelo ezenziwa kanyekanye noma ngesikhathi esisodwa kanye nezinyathelo ezilandelanayo. Okusemqoka okwatholakala ocwaningweni kubandakanya nokuthi izinkampani okwenziwa kuzona ucwaningo ezingama-23.91% zahlangabezana nezinkinga eziphathelene neNhloko ne-Ejenti kanye nokuPhathwa Nokulawulwa Kwenkampani – okuyinani elingaphezulu kakhulu kwalokho obekulindelekile ocwaningweni, ngoba phela kwakulindeleke ukuthi zibe yingcosana kakhulu izinkinga ezikhona eziphathelene nalokhu, kepha-ke ucwaningo lwaveza ukuthi lezi zinkinga zixhaphakile impela; imiholo yabaphathi abakhulu bezinkampani idlala indima enkulu ekubhebhethekiseni izinkinga eziphathelene neNhloko ne-Ejenti kanye nokuPhathwa Nokulawulwa Kwenkampani kunalokho obekulindelekile futhi esikhathini esiningi lokhu akuyona neze into evamise ukubhekisiswa uma kwenziwa izinqubo zokuphatha nokulawula; zibalelwa kwizigidigidi zamarandi izindleko ezingena kuzona izinhloko zezinkampani okucatshangwa ukuthi zibangelwa yizinkinga eziphathelene neNhloko ne-Ejenti kanye nokuPhathwa Nokulawulwa Kwenkampani; ukungalingani ngokwemiholo, ngaphandle kwesizathu esizwakalayo salokhu, okuyinto eholela kokunye futhi ukungalingani, okudala ukungathembani emphakathini; futhi kuncane kakhulu ukuqiniseka nokukholelwa ekutheni zisebenza kahle izinkambiso zokuphatha nokulawula ezikhona njengamanje. Igalelo lalolu cwaningo libandakanya isiphakamiso semodeli yemiholo yabaphathi abakhulu ebhekisisa nodaba lokuphathwa nokulawulwa kwenkampani ngenkathi kucutshungulwa udaba lwemiholo yabaphathi abakhulu; ukuhlanganiswa kwenkomba yokuphathwa nokulawulwa kwenkampani ebalwa ngokususela kwizincomo ze-King III kanye ne-King IV zokusetshenziswa kwesikali esifanayo sokukala ikhwalithi yokuphathwa nokulawulwa kwezinkampani; isikali semiholo se-Gini sasetshenziswa ukuhlonza amagebe akhona phakathi kwemiholo kanye nokuxwayisa ngezinkinga ezingahle zivele eziphathelene neNhloko ne-Ejenti kanye nokuPhathwa Nokulawulwa Kwenkampani kanye namaphutha nobuthakathaka obukhona ezinhlelweni zokuphatha nokulawula; futhi kwasetshenziswa izinqubo zezikali zobungozi bokulahlekelwa kwenkampani ukubala inani lezindleko okungenzeka kungenwe kuzona ngenxa yezinkinga eziphathelene neNhloko ne-Ejenti kanye nokuPhathwa Nokulawulwa Kwenkampani. Imibonongqangi evele kulokho okutholakale ocwaningweni yilena elandelayo; ithiyori echaza ubudlelwano phakathi kwenhloko ne-ejenti kumele yelulwe ukuze ifake phakathi nezindleko eziphathelene nenhlalomnotho futhi lokhu kungagcini nje kuphela kwinhloko; amamodeli omholo kumele abhekisise nendlela ephethwe ngayo inkampani ngabaphathi abakhulu kanye nemfundiso yokulingana kwabantu bonke ngokwenhlalo nangokomnotho; ukuguquguquka ‘kokuthobela umthetho noma ukuchaza’ (‘comply or explain’) kumele kube ngaphansi uma kuqhathaniswa nemiphumela yenhlalomnotho, ukuze kuqhanyukwe nendlela exubile ephoqelela ukusetshenziswa kwezinkambiso zokuphatha nokulawula ezithile; kanti futhi, okokugcina, ocwaningweni lokuphatha nokulawula kumele kusetshenziswe amathiyori aphathelene nesimo somqondo sabaphathi ngenkathi bethatha izinqumo nezinyathelo eziphathelene nokuphathwa nokusetshenziswa kwezimali ukuze kuqondakale kangcono konke okuphathelene nalokhu. / Hierdie studie het van 2008 tot 2016 die gevolge van die wisselwerking tussen hoofagent- en korporatiewe regering in Suid-Afrikaanse FTSE/JSE Top 40- genoteerde maatskappye bestudeer. Die oogmerke was om die voorkoms van probleme met hoofagent- en korporatiewe regering te ondersoek; die moontlike koste en die sosio-ekonomiese gevolge daarvan te bepaal; en die doeltreffendheid van die regeerkodes te evalueer. Hierdie studie berus op die hoofagentteorie. Gemengde metodes is as metodologie gebruik, in die besonder gelyklopende en verkennende, opeenvolgende metodes. Die belangrikste bevindings is dat 23,91% van steekproefmaatskappye probleme met hoofagent- en korporatiewe regering ondervind. Dit is beduidend hoër as die persentasie wat verwag is, en ʼn aanduiding van hoe diepgaande hierdie probleme is. Die vergoeding van uitvoerende beamptes is ʼn groter oorsaak van die probleme met hoofagent- en korporatiewe regering as wat verwag is en waarvoor in regeermeganismes voorsiening gemaak word. Die potensiële koste, wat miljarde rande beloop, word gewyt aan die probleme met hoofagent- en korporatiewe regering wat prinsipale hulle op die hals haal. Onregverdigbare salarisverskille lei tot ongelykheid wat sosiale wantroue wek. Hierbenewens is daar bedenkinge oor die doeltreffendheid van die huidige regeerkodes. Die bydrae van hierdie studie behels ʼn vergoedingsmodel vir uitvoerende beamptes wat korporatiewe regering in ag neem. Hierdie studie formuleer ʼn regeerindeks wat op King III- en King IV-aanbevelings berus, en die meting van die gehalte van korporatiewe regering standaardiseer. Verskille in vergoeding, potensiële rooivlag-hoofagentprobleme en gebreke in regeerstelsels is met behulp van die salaris-gini bepaal. Waarde-op-risikoprosedures is gebruik om die potensiële koste van hoofagent- en korporatiewe regering te kwantifiseer. Die belangrikste teoretiese implikasie van die bevindings is dat die agentskapsteorie uitgebrei moet word sodat die sosio-ekonomiese koste vasgestel word, en daar nie alleen op die hoofsom gekonsentreer word nie. Afgesien hiervan moet vergoedingsmodelle rekening hou met ʼn uitvoerende beampte se korporatiewe regering en met maatskaplike en ekonomiese egalitarisme. Voorts moet die sosio-ekonomiese gevolge ondergeskik wees aan die buigsaamheid van “voldoen of verduidelik”. Dit impliseer ʼn hibridiese benadering wat die bepalings van sekere regeerkodes verpligtend maak. Ten slotte behoort finansieringsgedragteorieë in regeernavorsing aangewend te word om groter insig te verkry. / Business Management / D. Phil. (Management Studies (Finance))

South Africa has institutionalised the application of combined assurance’s Three Lines of Defence Model (TLDM) through the 3rd and 4th editions of the King Code. Albeit, failure of the TLDM has been documented in recent corporate governance scandals in South Africa. These failures point to the inadequacy of the model in its theoretical underpinnings that place more emphasis on compliance than moral development (acts vs virtue ethics). In this research study, the adequacy of the TLDM was assessed, as well as its effectiveness in dealing with Agency. It was further sought to establish whether competitive advantage could be created through TLDM implementation in South African organisations and to quantify in relative terms, the scope for competitive advantage creation through TLDM application. A mixed research methodology (convergent design) was used to gather quantitative and qualitative insights from governance practitioners in South Africa (concurrently over a cross-sectional time frame). 204 survey respondents and 11 interviewees participated in the study. A statistically valid model for creation of competitive advantage was developed from the quantitative findings while a framework for competitive advantage was developed from the qualitative findings. The findings of the study confirm the inadequacy of the TLDM that it lies in poor implementation by South African organisations than in the model’s theoretical underpinnings. It was concluded that competitive advantage can be created though TLDM implementation in South African organisations, and the scope for creation of competitive advantage is relatively significant. The implementation of TLDM with compliance fixation mediates the creation for competitive advantage through TLDM, while moral development focus in TLDM implementation moderates the relationship between TLDM Adequacy in ethics underpinnings and competitive advantage creation. While the inadequacy of the TLDM was established through this study, the support for the TLDM was still overwhelming, although support for additional levels as contemplated in the Five Levels of Assurance Model (FLAM) was considerable. / Graduate School of Business Leadership / D.B.L. (Strategy and Governance)

This research looks at the need and enforceability of legal warranties that companies include in contracts and/or public displays/notices to limit the company’s liability exposure to third parties. It also discusses the liability incurred by a company and that of its directors in their personal capacities (if any) should the legal warranty implemented be found to be unenforceable. The liability that may be incurred by the company and/or its director/s is dependent on whether the legal warranty which it implemented is enforceable or not and therefore it is important to establish what would constitute an enforceable legal warranty. In order to determine what is likely to constitute an enforceable legal warranty the study looks back at what has previously been deemed to constitute an unenforceable legal warranty. This is done by analysing the common law principles of contract, being the freedom to contract and the sanctity of contract, and its development in accordance with our constitutional dispensation through case law precedents. The provisions of the Consumer Protection Act 68 of 2008 that apply to legal warranties are also analysed in order to determine the anticipated outcome of future case law where the Consumer Protection Act 68 of 2008 may be applicable to a dispute involving legal warranties. Once what constitutes an unenforceable legal warranty is established, the study will discuss the legal position of a third party, and that of the company, where a third party has suffered damages as a result of the company’s acts or omissions and the company is unable to raise a legal warranty as a defence against such liability, as the legal warranty is found to be unenforceable. Thereafter the study will discuss the measures available to the company where the company is found liable to the third party for the aforementioned damages and the company wishes to mitigate its losses in this regard. Such measures shall include director insurance as well as the recovery of such liability against a director, in the director’s personal capacity, where the company either does not have director insurance or is unable to enforce the director insurance due to the actions of a director. In order to determine the director’s accountability to the company in this regard an assessment is made of the duties imposed on a director in terms of the common law and Companies Act 71 of 2008 to establish whether such duties are wide enough to include a duty on the director to ensure legal warranties he/she plays a part in implementing are enforceable. / Mercantile Law / LL. M. (Corporate Law)

The South African economic landscape changed for ever after the first democratic election of 1994. The change heralded an era of inclusion, the economic landscape became open to people from all races, whereas before economic power was centralised in the hands of a minority group due to Apartheid legislation. Exploring the relationship of diversity of board members on the corporate governance of small, micro and medium enterprises (SMME’s) in South Africa has become imperative. Understanding the relationship, if any, which exists can aid SMME’s in board selection and corporate governance alike. Data for the study was collected through a self-enumerated questionnaire completed electronically and followed-up by interviews with heads of boards surveyed. Both the questionnaire and the interviews focussed on corporate governance, which included different components of governance such as the general principles of governance followed in the enterprise, the stakeholder focus exerted by the board of directors and the functioning of the board of directors. This resulted in a score for the enterprise which can be expressed as a percentage. This governance indicator was related to questions on the diversity of board members. The findings were in many cases contradictive when a single variable was observed against the score an enterprise achieved for governance. When taking a more holistic approach and evaluating multiple variables, it became evident that it is rather a combination of variables which displays some relationship with corporate governance. This study found that board diversity does have a relationship with corporate governance. The magnitude of this relationship could not be ascertained and warrants further research in a wider spectrum of the South African economy and also with a larger group of subjects. / Business Management / M. Tech. (Business Administration)

Section 71(3) of the Companies Act 71 of 2008 has introduced into South African company law a provision which for the first time permits the board of directors to remove another director from office in certain specific instances. A further significant innovation in the Companies Act 71 of 2008 is contained in section 162, which empowers a court to make an order declaring a director delinquent or placing him under probation in specific instances. The effect of section 162 is that a court is empowered to remove a director from the board of directors. The focus of this thesis is the removal of directors from office by the board of directors and by the judiciary. The thesis explores the underpinning philosophy of the statutory provisions relating to the removal of directors from office. It also examines the impact of the power given to the board of directors and to the courts to remove a director from office. The grounds and the procedures for the removal of directors by the board of directors and the judiciary are examined. The fiduciary duties applicable to directors in removing a director from the board of directors are also explored. In addition, this thesis examines the removal of directors holding multiple positions or capacities in relation to a company, such as an employee or a shareholder with loaded voting rights. The remedies which may be relied on by a director who has been removed from office by the board of directors are examined. Recommendations are made to strengthen and improve the provisions in the Companies Act 71 of 2008 relating to the removal of directors from office by the board of directors and the judiciary. Amendments to the Companies Act 71 of 2008 are suggested to remove ambiguities; to guard against the abuse of sections 71(3) and 162; to improve the grounds and procedures for the removal of directors by the board of directors and the judiciary, and to enhance the remedies that may be relied on by a director who has been removed from office by the board of directors. / Artikel 71(3) van die Maatskappywet 71 van 2008 het ’n bepaling tot Suid-Afrikaanse maatskappyreg toegevoeg wat die direksie vir die eerste keer in staat stel om ’n ander direkteur in sekere spesifieke gevalle uit sy of haar amp te verwyder. ’n Verdere belangrike vernuwing in die Maatskappywet 71 van 2008 word in artikel 162 vervat, wat ’n hof magtig om ’n bevel uit te vaardig wat ’n direkteur misdadig verklaar of hom of haar in spesifieke gevalle aan ’n proeftydperk onderwerp. Die effek van artikel 162 is dat ’n hof by magte is om ’n direkteur uit die direksie te verwyder. Die fokus van hierdie tesis is die verwydering van direkteure uit hul ampte deur die direksie en die regbank. Die tesis verken die onderliggende filosofie van die statutêre bepalings wat met die verwydering van direkteure uit hul ampte verband hou. Dit ondersoek ook die impak van die bevoegdheid wat aan die direksie en die howe verleen word om ’n direkteur uit sy of haar amp te verwyder. Die gronde en prosedures vir die verwydering van direkteure deur die direksie en die regbank word ondersoek. Die fidusiêre pligte van toepassing op direkteure by die verwydering van ’n direkteur uit die direksie word ook verken. Daarbenewens ondersoek hierdie tesis die verwydering van direkteure wat veelvuldige posisies of hoedanighede met betrekking tot ’n maatskappy beklee, soos ʼn werknemer of aandeelhouer met gelaaide stemregte. Die regsmiddele waarop ’n direkteur, wat deur die direksie uit sy of haar amp verwyder is, kan steun, word ondersoek. Aanbevelings word gemaak om die bepalings in die Maatskappywet 71 van 2008, wat met die verwydering van direkteure uit hul ampte deur die direksie en regbank verband hou, te versterk en te verbeter. Wysigings aan die Maatskappywet 71 van 2008 word voorgestel om dubbelsinnighede uit te skakel; om teen die misbruik van artikels 71(3) en 162 te waak; om die gronde en prosedures vir die verwydering van direkteure deur die direksie en die regbank te verbeter, en om die regsmiddele waarop ’n direkteur wat deur die direksie uit sy of haar amp verwyder is kan steun, te versterk. / ISigaba 71(3) Somthetho weZinkampani 71 ka 2008 sewuze wangenisa emithethweni yezinkampani zaseNingizimu Afrika, umthetho ongowokuqala ovumela ibhodi labaqondisi ukuthi libe namandla wokugudluza omunye umqondisi esikhundleni sakhe ngaphansi kwezimo ezithile. Olunye ushintsho olusha kuMthetho wama-71 weZinkampani ka 2008 uqukethwe yiSigaba 162, wona ugunyaza inkantolo ukuthi ikhiphe umyalelo owazisa umqondisi ngokuthi unecala noma obeka umqondisi ngaphansi kophenyo, phecelezi “probation” ngesinye isikhathi. Inhloso yeSigaba 162 wukunikeza inkantolo igunya lokugudluza umqondisi kwibhodi labaqondisi. Impokophelo yale thisisi wukugudluzwa kwabaqondisi, bagudluzwe yibhodi labaqondisi kanye nomthetho/nobulungisa. Ithisisi ihlola ifilosofi yemithetho ekhishiwe emayelana nokugudluzwa kwabaqondisi ezikhundleni zabo, Kanti futhi ihlola umthelela wamandla anikezwe ibhodi labaqondisi kanye nezinkantolo ukuthi zigudluze umqondisi esikhundleni. Izizathu kanye nengqubo elandelwayo mayelana nokugudluzwa kwabaqondisi yibhodi labaqondisi kanye nomthetho nazo ziyahlolwa. Imisebenzi emayelana nokuthembeka eyenziwa ngabaqondisi ukugudluza umqondisi kwibhodi labaqondisi nayo iyacwaningwa Ngaphezu kwalokhu, le thisisi .iphenya ukugudluzwa kwabaqondisi abaqokwe ezikhundleni eziningi noma abanegunya elithize ngokwengqubo yenkampani, enjengesisebenzi, phecelezi “employee” noma umabelwa-mashezi onamalungelo amaningi okuvota, phecelezi, “loaded with voting rights”. Izeluleko ezingasetshenziswa wumqondisi ogudluzwe esikhundleni sakhe yibhodi labaqondisi nazo ziyahlolwa. Izincomo nazo ziyenziwa ngenhloso yokuqinisa kanye nokuthuthukiswa kwamandla oMthetho we-71 weZinkampani ka 2008, mayelana nokugudluzwa kwabaqondisi ezikhundleni yibhodi labaqondisi kanye nomthetho. Izinguquko zoMthetho wama-71 weZinkampani ka 2008 ziqonde ukususa izixakaxaka, ukulwa nokudlelezelwa kweSigaba 71(3) kanye no 162, ukuthuthukisa izizathu kanye nezingqubo zokugudluzwa kwabaqondisi yibhodi labaqondisi kanye nomthetho, ukuqinisa izindlela zokulungisa ezingasetshenziswa wumqondisi osegudluziwe esikhundleni yibhodi labaqondisi. / Mercantile Law / LL. D.