Personal financial interest disclosures under the South African Companies Act

The South African Companies Act requires directors and prescribed officers of companies to disclose any personal financial interests that may influence their decision-making or create conflicts of interest. While this disclosure helps to ensure that directors and officers act in the best interests of the company and its shareholders, rather than for personal gain, it is important to understand that these provisions apply not only where directors stand to gain personally. A close understanding of the section is required for appropriate application.