Legal, Regulatory and Compliance
The legal, regulatory and compliance function in the group ensures that the group is aware of all relevant statutes and legal developments to ensure continued compliance. The group legal function provides legal advice to the executive team and business units and the management of material legal matters affecting the group. The legal function is also responsible for drafting the group’s legal policies and procedures.
The compliance and regulatory team focuses on identifying the external regulatory framework applicable within South Africa and to document and compare the group’s current compliance initiatives against these. This team also identifies the external regulatory frameworks applicable to the different countries in which Group Five operates to ensure full compliance.
Current key statutory and regulatory developments include:
 Current key statutory and regulatory developments
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Development |
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Progress |
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King Report on Governance for South Africa and the King Code of Governance Principles (King III) |
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King III became effective on 1 March 2010 |
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Competition Act amendments |
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Amendments to the Competition Act to incorporate criminal liability for offences in respect of the Competition Act and provisions making "complex monopolies" punishable in terms of the Act, have been signed by the President, but are yet to be gazetted |
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New Companies Act No 71 of 2008 |
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The new Companies Act has been approved by Parliament, but not yet gazetted
– The exact effective date is not known at this stage |
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Consumer Protection Act |
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The compliance department is aware of the far-reaching implications of the New Consumer Protection Act |
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The full Act is expected to come into operation later in 2010, with certain important provisions to be implemented retrospectively to April 2010 |
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The compliance department has begun preparing for the implementation of the new Act and will raise awareness across the group in terms of the Act's provisions |
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For more information, go to the group’s annual report
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