The time limit for delinquent director applications under review
The DTI is planning to amend the Companies Act to address the 2-year time bar on applications to have a director declared delinquent – consideration given to make the measure retrospective. A delinquency order bans a person from being a director for at least 7 years. But a court can lengthen this period and even extend it to the director’s lifetime, as in the case with Dudu Myeni, former director and chairperson of SAA. This delinquency remedy is crucial to investors and stakeholders to hold directors accountable and maintain high corporate standards.