| (1) |
Subject to this section and section 12, the Minister must exercise all the rights and duties of a shareholder under the Companies Act in relation to the Agency in order to promote and support the functions of the Agency and to report annually on the developmental impact and material risks of its investment in the Agency. |
| (2) |
Notwithstanding the Companies Act, the Minister may only— |
| (a) |
subject to subsection (3), appoint the directors to the Board of the Agency in terms of section 68 of the Companies Act on the recommendations of the Board after a transparent appointment process conducted by it; |
| (b) |
remove directors in terms of sections 69 and 71 of the Companies Act if the director— |
| (i) |
is in breach of the director’s fiduciary duties; or |
| (ii) |
is unable to perform the functions of a director adequately or competently; and |
| (c) |
determine the remuneration of directors in accordance with the best market practice and in accordance with applicable guidelines. |
| (3) |
Notwithstanding subsection (2)(a), the Minister may, on good grounds, apply to the High Court for an order to appoint a director not recommended by the Board in terms of that subsection. |
| (4) |
The Board must submit an annual corporate plan to the Minister for approval, which includes— |
| (a) |
the Agency’s strategic objectives, business strategies and outcomes; |
| (b) |
performance measures and key indicators for assessing its performance in delivering the desired objectives, strategies and outcomes; |
| (c) |
the investment and financing programmes, including any borrowing plan, and the underlying assumptions for those programmes; |
| (d) |
the strategies for managing financial and non-financial risk; |
| (e) |
particulars relating to financial indicators and forecasts; |
| (f) |
the accounting policies of the Agency; and |
| (g) |
any other relevant information which relates to the financial and non-financial support activities of the Agency. |
| (5) |
The Minister must commission an independent assessment of the Board’s performance every three years. |
[Section 11 substituted by section 4 of the National Small Enterprise Amendment Act, 2024 (Act No. 21 of 2024), GG50965, Notice No. 5049, dated 23 July 2024 - effective 1 October 2024 per Commencement Notice 190 of 2024]
Protection of Businesses Act, 1978
