Article

Membership of the Audit Committee

Appointment and independence requirements

South Africa’s globally leading best practice report on corporate governance, King III, proposes that all companies should have an audit committee with at least three independent non-executive directors. The Companies Act legislates / requires that only certain categories of companies need to appoint an audit committee.

Appointment of the audit committee and independence requirements

Deciding whether to form an audit committee is complex in South Africa. SA’s globally leading best practice report on corporate governance, King III proposes that all companies should have an audit committee with at least three independent non-executive directors. The Companies Act legislates / requires that only certain categories of companies need to appoint an audit committee. 

Did you find this useful?