The Public Interest Score (“PIS“) is to be determined at the end of each financial year by each company.

PIS = a + b + c + d

Where:

a  =  average number of employees during the financial year;

b  =  one point for every R1 million in 3rd party liability at the financial year end;

c  =  one point for every R1 million turnover during the financial year; and

d  =  one point for every individual shareholder who at the financial year end:

–   has beneficial interest in securities: profit company; or

–    is a member: non-profit  company.

The PIS will indicate in respect of private companies whether an audit is required and whether an ethics committee will have to be instituted or not.

24 October 2011