Measure The Public Interest Score For Your Company
Every company in South Africa has a public interest score (PI Score). Depending on the level of the PI score some areas of the Companies Act require that the company must take certain measures. Fill in the form below to find out what your PI Score is and what you should be doing.
Our guidance below is not meant to be legal advice as there are many technical areas involved in the interpretation of the PI Score. If you want a more detailed briefing contact us on hello@fluidrockgovernance.com
What is the importance of the Public Interest Score?
The Public Interest Score (PI Score) is the public interest of a company as measured by the social footprint of the company. For example, the PI Score determines whether a company should establish a Social and Ethics Committee, whether an audit or independent review of its annual financial statements is required and whether a company is required to submit its annual financial statements via iXBRL to CIPC.
The PI Score is calculated as set out in Regulation 26 of the Companies Act 71, 2008 (Companies Act) in the following manner:
- Employees: One point per person for the average number of employees employed by the company during the financial year.
- Third Party Liabilities: One point for every one million rand or a portion thereof in third party liabilities owed by the company at the financial year end.
- Turnover: One point for every one million rand or a portion thereof for the annual turnover of the company during the financial year.
- Shareholders: One point for every individual known by the company that:
- For profit companies: have direct or indirect beneficial interest in any of the company’s issued securities; or
- For non-profit companies: Members of the company or a member of an association that is a member of the company