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Amendments to the South African Postbank Bill for ICT Socio-economic Development

This document discusses the amendments made to the South African Postbank Bill to promote the use of Information and Communication Technologies (ICTs) for socio-economic development. It covers various aspects such as the appointment of board members, provisions for non-compliance with fiduciary duties, and regulations and policies.

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Amendments to the South African Postbank Bill for ICT Socio-economic Development

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  1. South African Postbank Bill [B14-2010] (DOC and NT) 17 August 2010PCC Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  2. Delegation DOC Team • Willie Vukela : Director • Alf Wiltz : Director Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  3. Delegation National Treasury Team • Omega Shelembe : Acting Chief Director • Jeanine Bednar-Giyose : Director • Alvinah Thela Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  4. Amendments to the Bill OBJECTS OF THE ACT • Clause 2(e) was reworded as:- • ensuring that the rates and charges of the Company take into consideration the needs of people in the rural and lower income market. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  5. Amendments to the Bill CLAUSE 14: APPOINTMENT OF BOARD MEMBERS • A new Clause 14 (5)(a) has been inserted to provide that at least one and a half times the number of Board members to be appointed, are recommended Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  6. Amendments to the Bill REWORKED CLAUSE • 14(5) (a) Nominations of suitable persons as contemplated in subsections (1)(b) and (4) must include at least one and a half times the number of Board members to be appointed. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  7. Amendments to the Bill NON COMPLIANCE WITH FIDUCIARY DUTIES • Clause 16(2) has been amended to provide that only non-compliance with the fiduciary duties in sub clauses (1)(a), (1)(b), (1)(c), (1)(e)(viii) or (1)(e)(ix)constitute an offence Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  8. Amendments to the Bill PROVISIONS FOR NON COMPLIANCE WITH FIDUCIARY DUTIES • Clause 16(1)(a) A member of the Board must, upon appointment, submit to the Minister and the Board a written statement in which it is declared whether or not that member has any direct or indirect financial interest which could reasonably be expected to compromise the Board in the performance of its functions Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  9. Amendments to the Bill PROVISIONS FOR NON COMPLIANCE WITH FIDUCIARY DUTIES • Clause 16(1)(b)a member of the Board may not be present, or take part in, the discussion of or the taking of a decision on any matter before the Board in which that member or his or her family member, life partner, business partner or associate has a direct or indirect financial interest Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  10. Amendments to the Bill PROVISIONS FOR NON COMPLIANCE WITH FIDUCIARY DUTIES • Clause 16(1)(c)if a member of the Board acquires an interest that could reasonably be expected to be an interest contemplated in this section, he or she must immediately in writing declare that fact to the Board Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  11. Amendments to the Bill PROVISIONS FOR NON COMPLIANCE WITH FIDUCIARY DUTIES • Clause 16(1)(e)(viii)not make improper use of his or her position as a member or of information acquired by virtue of his or her position as a member Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  12. Amendments to the Bill PROVISIONS FOR NON COMPLIANCE WITH FIDUCIARY DUTIES • Clause 16 (1)(e)(ix) treat any confidential matters relating to the Company, obtained in his or her capacity as a Board member, as strictly confidential and not divulge them to anyone without the authority of the Company or as required as part of that person’s official functions as a member of the Board. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  13. Amendments to the Bill Appointment of Staff • Clause 20 (1)(b) has been amended to provide that the MD may, with the concurrence of the Board, appoint such persons necessary to perform the functions of the Company Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  14. Amendments to the Bill CLAUSE 25 :REGULATIONS AND POLICY • Clause 25(1) has been amended to remove the requirement for consultation with the Registrar of Banks and to delete the requirement that the Board must recommend first, prior to the Minister making regulations Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  15. Amendments to the Bill REWORKED CLAUSE • Clause 25(1)The Minister may,after consultation with the Minister of Finance, make regulations Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

  16. THANK YOU Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development

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