By Phenyo Selinda
Trade, Industry and Competition Minister Parks Tau has welcomed the signing into law of the Companies Amendment Act by President Cyril Ramaphosa last Friday. Speaking to the National Council of Provinces (NCOP) during the debate on his department’s Budget Vote on Tuesday, Tau emphasised the importance of this legislation in improving the ease of doing business in South Africa.
“In the spirit of transparency and in the hopes that we further improve the ease of doing business, we welcome President Ramaphosa’s ascension to the Companies Amendment Act. The Act aims to improve the ease of doing business by ensuring that our company law is consistent with well-established principles that are not over-burdensome on businesses,” Tau stated.
The new Act seeks to achieve equity between directors and senior management on one hand, and shareholders and workers on the other. It also addresses public concerns regarding high levels of inequality in society. Tau noted, “The Act will go a long way in ensuring adherence to sound corporate governance, accountability, and transparency, and that directors carry their duties with integrity and care.”
Additionally, Minister Tau celebrated President Ramaphosa’s signing of the Climate Change Bill into law, highlighting its significance for all South Africans. The Climate Change Act outlines the national climate change response, including mitigation and adaptation actions, marking South Africa’s fair contribution to the global climate change response.
“The signing of the law came at an opportune moment because as the department, we had already taken significant steps towards identifying opportunities in industrial decarbonisation and manufacturing of green products for both local and export markets,” Tau mentioned. The Act calls for an active role by provinces and municipalities in coordinating climate change responses and setting emissions targets for manufacturing and related sectors.
Minister Tau also discussed the development of the Green Hydrogen Commercialisation Strategy, which will soon be implemented. He stated, “In the next few weeks, we will be meeting with provinces and the South African Local Government Association (SALGA) to map these out further and ensure that we all channel our energies towards building a greener and climate-resilient South African economy.”
Furthermore, Tau highlighted the department’s plans to accelerate the rollout of the Special Economic Zones (SEZ) programme to achieve better spatial equity. He cited the success of the Coega Industrial Development Zone, home to 63 firms, employing approximately 10,000 people, with cumulative investments of about R11.5 billion. “Fortunately, there are local success stories we can learn from to accelerate the SEZ model in other under-serviced areas,” he said.
Tau assured the NCOP that his administration will maximise industrial opportunities resulting from policy, regulatory, and private-sector decisions to enable manufacturing-led growth. He concluded, “Manufacturing induces or catalyses growth and jobs in upstream and downstream sectors. These jobs are typically permanent, pay relatively decent wages, and provide workers with sustainable careers. And as you would agree, these jobs offer a sense of dignity to our citizens and communities.”
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