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BEGIN:VEVENT
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DTSTART;TZID=Africa/Johannesburg:20210520T130000
DTEND;TZID=Africa/Johannesburg:20210520T134500
DTSTAMP:20220310T061300
UID:MEC-b6a1085a27ab7bff7550f8a3bd017df8@diversifi.co.za
CREATED:20220310
LAST-MODIFIED:20220328
PRIORITY:5
TRANSP:OPAQUE
SUMMARY:20 MAY 2021 – BRIEFING BULLETIN: Legislation on Trusts, Employee Schemes, Broad-Based Schemes Released
DESCRIPTION:The long-awaited Practice Note on the rules for discretionary Collective Enterprises such as Broad-Based Schemes, Employee Share Ownership Programmes, Trade Unions, Not for Profit Companies, Co-operatives, Trusts, was published by the Department of Trade, Industry and Competition.\nCLICK HERE TO LISTEN TO THE BRIEFING BULLETIN\nThis Practice Note clarifies, amongst others, that:\n\na defined class of black beneficiaries satisfies the ownership provisions under the Codes and not necessarily a list of names of beneficiaries;\nevergreen ESOPs, which provide perpetual benefit to workers of the company, satisfies the ownership provisions under the Codes;\nminors qualify to be included in the ownership calculations and determination of Collective Enterprises;\ndistributions can be in cash or kind and that both can be claimed under Economic Interest on the Ownership scorecard;\nallows for discretion to be applied by the Fiduciaries on the value or portion of Economic Interest distributions to beneficiaries or participants; and\nallows for Voting Rights to be measured through the Fiduciaries voting on behalf of the beneficiaries or participants.\n\nAlternative Prosperity had two complimentary expert online briefing bulletins to cast the spotlight and clarify the significant changes.\nProvision was made for questions and answers on this explanatory memorandum.\nCLICK HERE TO LISTEN TO THE BRIEFING BULLETIN\nCLICK HERE TO VIEW THE PUBLICATION\n
URL:https://diversifi.co.za/events/20-may-2021-briefing-bulletin-legislation-on-trusts-employee-schemes-broad-based-schemes-released/
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