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Get To Know Company Bill, Seeto Urges

The business community have been urged to familiarise themselves with the Companies Bill (2015). President of the Fiji Hotel and Tourism Association Dixon Seeto yesterday presented to the Standing Committee
25 Mar 2015 11:24
Get To Know Company Bill, Seeto Urges

The business community have been urged to familiarise themselves with the Companies Bill (2015).

President of the Fiji Hotel and Tourism Association Dixon Seeto yesterday presented to the Standing Committee on Justice, Law and Human Rights on the bill.

The new Companies Bill proposes heavy penalties or even imprisonment for directors who misbehave, act dishonestly and recklessly..

“First thing we read when we read this bill is the penalty. Then you tend to look as to how it is operated, that is, how we operate.

“But I’ve got to say as an overview it’s a good thing that we are combining all these different legislations into one which makes it more efficient.

“It is very comprehensive.”

He said the new Companies Bill also proposed heavy penalties.

“By spelling out the directors responsibilities, it will bring about better governance and it will help to guide the business thinking.”

Mr Seeto said an education training process is needed.

“There must be a Ministry which should take charge of this, to implement it and as part of that programme provide a seminar for business people in order to understand it.

“We need to get into the actual user base, the business people to understand it.”

Meanwhile the Pacific Islands Private Sector Organisation (PIPSO) has also welcomed the need for changes through the bill.

Chief executive Mereia Volavola said the change was necessary for progress.

The Fiji Commerce and Employers Federation and Fiji Women’s Business Council will be presenting their submissions today.

Feedback: litia.cava@fijisun.com.fj

 




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