M.Comm. / Limited tax implications of capital gains tax in South Africa is addressed in this study with reference to the Eighth Schedule of the Income Tax Act (hereafter the Act). Various publications by the South African Revenue Service (hereafter SARS) and leading tax specialist's publications available on the website www.cgtsa.co.za were also consulted. Employee Share Ownership Schemes (hereafter ESOP's) are defined and the most commonly used schemes in South Africa are explained with reference to various internal publications by PricewaterhouseCoopers. The Income Tax implications as well as the capital gains tax implications on selected schemes will be discussed. The implications of capital gains tax on all transactions in South Africa falls outside the scope of this study, as this study focuses on the basic explanation of the core capital gains tax provisions in South Africa, with specific application to certain employee share ownership programmes (hereafter ESOP's) used in South Africa.

Thesis (M.Com. (Accounting))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2017 / Research into corporate governance has shown that there are a number of factors that influence company performance, one of them being ownership structure. The objective of this study is to determine how ownership structure affects the performance of companies listed on the Johannesburg Stock Exchange (JSE). Five categories of shareholders were identified namely, managerial shareholders, institutional investors, family shareholders, government shareholders and foreign shareholders. Some shareholders of a company may be entirely passive whereas others may play a more active role in the company or perform an important monitoring service. The various motivations and abilities of the different types of shareholders may directly impact their ability to influence the major corporate decisions of the company that will ultimately impact the performance of the company. Using return on assets (ROA) and return on equity (ROE) as performance measures this study investigates the effect of ownership structure on the performance of 143 companies from the year 2004 to 2014. The results of the study reveal that of the five different categories of shareholders identified it was only managerial shareholders and institutional shareholders that had a significant impact on a company’s performance / GR2018

A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science in Engineering, 2017 / Empowerment of previously disadvantaged groups has been applied in many countries, in order to achieve specific political, economic and social outcomes. Group preferences and preferential policies are common in developed and developing countries under various names. They have been mostly implemented in countries where a specific ethnic, religious, or gender group has been discriminated against historically. An ESOP is an empowerment tool that can be adapted and designed to achieve the goals of companies, employees and governments. An ESOP is an instrument used to enable employee ownership in private and public companies. Internationally the application of ESOPs have taken various architectures highly dependent on individual company and country circumstances. SA has a long and well documented history of racial discrimination and economic exclusion. Poverty, unemployment and inequality continue to bedevil the South African economy. Transformation in the mining industry is given effect in the Mining Charter which is governed under section 100 of the Minerals and Resources Development Act. The Charter is buttressed by a key set of pillars. These pillars are supplemented by the codes of good practice as well as the housing and living conditions standards. These pillars include reporting; ownership; housing and living conditions; procurement and enterprise development; employment equity; human resource development; mine community development; sustainable development and growth and beneficiation. This report focusses on the ownership pillar of the Charter. The mining industry has completed a number of empowerment deals post implementation of the Mining Charter. The impacts of most BEE deals have not been broad-based; and have mostly benefitted only a few HDSA entrepreneurs. The value and number of transactions have coincided with the rise and fall of the JSE, making the deals expensive – due to elevated stock prices in favourable market conditions. ESOPs enable extensive employee ownership; and have the ability to foster a sense of individual enterprise that fuels productivity in companies that have imbued a culture of ownership amongst their employees. ESOPs generally contribute positively to company performance; and they provide a stable and dynamic working environment, when administered effectively. ESOPs cannot be implemented in isolation; but they require a combination of factors to make them successful. ESOPs generally contribute positively to company performance; and they provide a stable and dynamic working environment, when administered effectively. Effective ESOPs require a combination of elements for success: these comprise of financial incentives, employee-involvement mechanisms and the instilling of an ownership culture. Anglo American was used as a proxy for the industry due to its size and diversity. ESOPs that have been implemented have failed to meet stakeholders’ expectations. These ESOPs are inconsistent, complicated and mostly opaque to employees; whilst delivering modest returns to employees. This report proposes the application of a new ESOP framework that is to be considered in amending existing ESOPs or in the crafting of new programmes. Existing ESOPs are assessed against this proposed framework in this report. The proposed ESOP framework is supported by a set of key principles, essential to the success of the framework. The performance of ESOPs in Anglo American varied when assessed against the framework. With the exception of Envision, Anglo American’s ESOPs have delivered very modest financial benefits to employees. They have not achieved their intended purpose, of empowering employees and aligning company performance with individual employee performance. When assessed against the other pillars of the framework, KIO and AAP did not perform satisfactorily. / XL2018

Thesis (M.Com. (Taxation))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2017 / Share incentive schemes have been used for many years as a mechanism to compensate, retain and attract talent by offering employees a stake in the business. Share incentives, however, usually contribute an increasingly larger portion of executive pay in comparison with general employees. The motive for larger share incentive based compensation is on the foundation that management must have a skin in the game in order for their interest to be appropriately aligned with shareholders. The Treasury and the South African Revenue Service (‘SARS’) have historically viewed share incentive schemes with suspicion. Treasury and SARS consider these schemes as salary conversion plans designed avoid tax. This has led to a litany of tax legislation that has sought to combat this so called avoidance. As things stand it appears the legislation is far too reaching and no longer reflects the commercial and economic reality of an increasingly entrepreneurial world. The aim of this research report is to ascertain whether the current tax policy is effectively discouraging employee share ownership. This paper will consider the impact of the current tax provisions on share incentive schemes for both the employees and their companies’. The United Kingdom offer tax advantages for employee share ownership plans thus the report will also include a comparison with the tax legislation governing share option schemes in the UK. The comparison will aid in recommending a more sensible and equitable way forward with regards to the taxation of share incentive schemes in South Africa. Key words: Share incentive plans, Section 8B, Section 8C, executive remuneration, equity based compensation / GR2018

Thesis (MScAgric)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: It is generally acknowledged that South African commercial agriculture will have to be restructured to integrate the previously disadvantaged communities in the agricultural economy of the country. This is so because of the prevailing disparities between agriculture amongst the black societies and the traditional "white" commercial agriculture. After the inception of the ANC governance in 1994, affirmative action measures viz inequalities and inequitable access to resources and markets became necessary to remove these imbalances. However, it is not seen as a quick fix; it will take decades to eradicate the imbalances created during the period of apartheid rule. A farmworker equity-sharing scheme (FWESS) was first introduced at the Whitehall farm in the Grabouw area of the Western Cape in 1992. The South African Department of Land Affairs adopted this strategy in the face of land reform as one of the major Land Redistribution for Agricultural Development programmes to provide basic support to the farmworkers in order to enable them to participate in the financial stakes of the commercial farming in South Africa. The main research objective of this study was to evaluate the performance of FWESSs and assess the contribution of the programme to the improvement of the living standards of the previously disadvantaged individuals, viz farmworkers. This was achieved through a survey, which included five FWESSs administered by the Cape Town regional office of the Department of Land Affairs (DLA). Interviews were conducted amongst the ordinary farmworkers, members of the board of worker trustees and the original owners. Among other things, the motivations, characteristics of governance, socio-economic factors and financial performance of the schemes were evaluated. It is evident from the investigation that the original owners are in the forefront in the initiation of the equity-sharing schemes on their farms. Job security was shown as the most important motivation by some farmworkers for their participation in equity-sharing schemes, while other shareholders (original owners) indicated that the initial capital injection in the business and the empowerment of the farmworkers through capital appreciation and dividends was the most important motivation. Equity-sharing schemes are a relative new concept in farms that were included in this study and after the initial negative impact with the change in the management of the organisation, the schemes are faring good financially. / AFRIKAANSE OPSOMMING: Dit word algemeen erken dat die Suid-Afrikaanse kommersiële landboubedryf herstrukturering sal moet ondergaan om voorheen-benadeelde gemeenskappe by die landbou-ekonomie van die land te integreer. Dit is toe te skryf aan die ongelykhede wat ten opsigte van die landboubedryf tussen swart gemeenskappe en die tradisionele "blanke" landboubedryf bestaan. Na die bewindoomame van die ANC-regering in 1994, is maatreëls vir regstellende aksie ten opsigte van ongelykheid en onregverdige toegang tot hulpbronne en markte in werking gestelom hierdie ongelykhede uit die weg te ruim. 'n Kitsoplossing is egter nie moontlik nie; dit sal tientalle jare neem om die ongelykhede wat gedurende die apartheidsbewind geskep is, uit te wis. Die eerste plaaswerker kapitaaldelingskema is in 1992 op die Whitehall-plaas in die Grabouw-distrik van die Wes-Kaap ingestel. Die Suid-Afrikaanse Departement van Grondsake het hierdie strategie as een van die hoofprogramme vir grondherverdeling vir die ontwikkeling van die landboubedryf aanvaar, om basiese steun aan die plaasarbeiders te verleen om hulle in staat te stelom 'n deel in die finansiele belang van die kommersiële landboubedryf in Suid -Afrika te verkry. Die hoof navorsingsdoelwit van hierdie studie was om die uitwerking van die plaaswerker kapitaaldelingskema te evalueer en die bydrae van die program tot die verbetering van die lewenskwaliteit van voorheen-benadeelde individue, naamlik plaasarbeiders, te beoordeel. Dit is bewerkstellig deur middel van 'n opname wat die vyf plaaswerker kapitaaldelingskemas wat deur die Departement Grondsake se streekkantoor in Kaapstad geadministreer word, te betrek. Onderhoude is met gewone plaasarbeiders, lede van die raad van arbeidertrustees en die oorspronklike eienaars gevoer. Evaluering is onder andere gerig op die motivering agter deelname aan die skemas, kenmerke van die bestuur daarvan, sosio-ekonomiese faktore en die finansiële prestasie van die skemas. Dit het uit die ondersoek duidelik geword dat die oorspronklike eienaars die voortou geneem het met die inisiriëng van die kapitaaldelingskemas op hul plase. Werksekuriteit is as die belangrikste motivering deur plaasarbeiders gegee vir die deelneming aan die kapitaaldelingskemas, terwyl die ander deelnemers (oorspronklike eienaars) die aanvanklike kapitaal-inspuiting in die boerderyen die bemagtiging van die plaasarbeiders deur kapitaalappresiasie en dividende as die belangrikste motiverings aangedui het. Kapitaaldelingskemas is 'n relatiewe nuwe konsep by boerderye wat in hierdie studie betrek is en na die aanvanklike negatiewe bëinvloeding met die verandering in die bestuur van die organisasie, is die skemas besig om finansiël goed te vaar.

Thesis (MAgricAdmin)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: The study evaluated farmworker equity-sharing schemes administered by the Worcester regional office of the Department of Land Affairs in the Western Cape. The objectives were to investigate the performance of farmworker equity-sharing schemes against recent literature, to evaluate the motivation for the establishment of these schemes and whether they served the purpose for which they were established. Through investigating the role these schemes play in improving the farmworkers ' livelihood, the study investigated the changes farmworkers experienced on the farm since the establishment of the schemes. The perceptions of farmworkers regarding the schemes were also investigated. The study found that at all the farms evaluated there was a lack of formal training to all the levels of farmworkers, including committee members and shareholder workers. These farms did not have the funds to finance training programmes for their farmworkers. Poor training impeded farmworkers to utilise their skills and participate in decision making on the farm. Contrary to the objectives of financial participation and farmworker equity-sharing schemes, most of these schemes did not achieve the broad objectives of the participation schemes such as empowering their workers. Living and working conditions seem to have improved on most of the farms although some farms seem to have experienced no change at all. The ESTA Laws could be the cause of the improvements in housing and working conditions but not the implementation of the farmworker equity-sharing schemes. Respondents did not seem to experience discrimination due to gender. Financially the schemes are not performing well. This is evident from the number of schemes that were liquidated due to financial problems and for which financial statements could not be obtained. These schemes face various institutional and structural challenges, which includes financial challenges. / AFRIKAANSE OPSOMMING: Hierdie studie het plaaswerker-aandeelhouerskemas wat deur die Worcesterstreekskantoor van die Departement van Grondsake in die Wes-Kaap bestuur word, geëvalueer. Die oogmerke van die studie was om die verrigting van plaaswerkeraandeelhouerskemas teenoor onlangse literatuur te ondersoek, om die motivering vir die vestiging van hierdie skemas te evalueer en te bepaal of hulle wel die doel dien waarvoor hulle gevestig is. Deur die rol van hierdie skemas in die verbetering van plaaswerkers se bestaan te ondersoek, het die studie ook ondersoek ingestel na die veranderinge wat sedert die vestiging van die skemas deur plaaswerkers ervaar is. Die plaaswerkers se persepsies van die skemas is ook ondersoek. Die studie het bevind dat daar by al die plase wat betrek is 'n tekort aan formele opleiding aan al die vlakke van plaaswerkers was, met inbegrip van komiteelede en aandeelhouer-werkers. Hierdie plase het nie oor die fondse beskik om opleidingsprogramme vir hulle plaaswerkers te finansier nie. Swak opleiding strem plaaswerkers in die toepassing van hulle vaardighede en in hulle deelname aan besluitneming op die plaas. In stryd met die doelwitte van finansiële deelname en plaaswerker-aandeelhouerskemas het hierdie skemas nie in hulle doel geslaag nie. Woon- en werksomstandighede op die meeste plase het blykbaar sedert die vestiging van die skemas verbeter, alhoewel sommige plase skynbaar geen vemaderinge ondergaan het nie. Die Wet op die Uitbreiding van Sekerheid op Verblyfreg kan 'n verklaring vir die verbetering in behuising en werksomstandighede wees, en nie noodwendig die implementering van die plaaswerker-aandeelhouerskemas nie. Respondente het volgens alle aanduidings nie diskriminasie op grond van geslag ondervind nie. Die skemas presteer finansieel nie goed nie. Dit is duidelik uit die getal skemas wat as gevolg van finansiële probleme gelikwideer is en waarvoor finansiële state nie verkry kon word nie. Hierdie skemas staar verskeie institusionele en strukturele uitdagings in die gesig, waaronder ook finansiële uitdagings.

Thesis (MPhil)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: The South African wine industry has a history of super-exploitation. Wine farm labour practices such as paternalism, tied housing, tied employment and the tot system have maintained farm worker communities in a trapped and dependent position. Within these trapped farm worker communities social pathologies such as alcohol abuse, a highly unstable family life, illegitimacy and illiteracy are common. On an individual level, members of these communities are predominantly low in selfconfidence, self-esteem, self-reliance etc. On a communal level, domestic violence, child battering, drunken brawls, knife stabbings etc. are common in farm worker communities. In response to these conditions in wine farm worker communities, a number of initiatives have been launched within the South African wine industry. This research study focuses on one of these initiatives, called the New Beginnings project. As one of the first projects of its kind, it succeeded in releasing a farm worker community from its trapped and dependent position. This was the outcome since the project succeeded as a community development process. The community development process is essentially about building or increasing social capacity. The building of social capacity refers to a process whereby both agency and solidarity are increased within a community. Agency or capacity building has to do with the building of values, attitudes, knowledge, skills and personal qualities, e.g. self-esteem and self-reliance, of individual community members, while solidarity has to do with the building of cohesion, trustful relationships and connectivity among various community members. The New Beginnings project illustrates that community development practice that abide by guiding principles that aim to achieve both agency and solidarity building within a community, would eventually result in the sustainability of the project. / AFRIKAANSE OPSOMMING: Die Suid-Afrikaanse wynbedryf het ‘n geskiedenis van super-eksploitasie. Arbeidspraktyke soos paternalisme, gebonde behuising, gebonde indiensneming asook die dopstelsel het verseker dat plaaswerker-gemeenskappe in ‘n gevange en afhanklike posisie gehou word. Die gevolg is dat sosiale euwels soos alkoholmisbruik, ‘n hoogs onstabiele gesinslewe, onwettigheid asook ongeletterdheid algemeen voorkom in hierdie gevange plaaswerker-gemeenskappe. Op ‘n indiwiduele vlak, het die oorgrote meerderheid lede van hierdie gemeenskappe min selfvertroue en selfwaarde. Op ‘n gemeenskaplike vlak, kom gesinsgeweld, kindermishandeling, dronkmansbakleiery en messtekery algemeen voor in plaaswerker-gemeenskappe. As teenvoeter vir die bogenoemde toestande in plaaswerker-gemeenskappe, is verskeie inisiatiewe aan die gang gesit in die Suid-Afrikaanse wynbedryf. Hierdie navorsingstudie fokus op een van hierdie inisiatiewe, genaamd die ‘New Beginnings’ projek. As een van die eerste projekte van sy soort, het hierdie projek daarin geslaag om ‘n plaaswerker-gemeenskap vanuit sy gevange en afhanklike posisie te bevry. Die resultaat van die projek was juis moontlik omdat die projek as ‘n gemeenskapsontwikkelings- proses geslaag het. Die gemeenskaps-ontwikkelings-proses gaan hoofsaaklik oor die bou of vermeerdering van sosiale kapasiteit. Die bou van sosiale kapasiteit verwys na ‘n proses waartydens beide agentskap en solidariteit binne ‘n gemeenskap vermeerder word. Agentskap of kapasiteitsbou het te make met die skep van waardes, houdings, kennis, vaardighede asook persoonlike eienskappe, bv. selfwaarde en selfstandigheid, van indiwiduele gemeenskapslede, terwyl solidariteit te doen het met die bou of skep van samehorigheid, betroubare verhoudings en ‘n eenheidsgevoel tussen verskeie gemeenskapslede. Die ‘New Beginnings’ projek wys dat gemeenskapsontwikkelings- praktyk wat hou by die riglyne om beide agentskap en solidariteit binne ‘n gemeenskap te bou, uiteindelik tot die volhoubaarheid van die projek aanleiding sal gee.