This applicant company’s public interest score exceeded 500 points for the past financial years since 2012.1 The applicant’s public interest score ranged between 761 for 2012 to 1097 for 2015.2 Therefore, the applicant is required in terms of section 72(5) of the Companies Act 71 of 2008 (the Companies Act), read with regulation 433 of the Companies Regulations, 2011 (Company Regulations),4 to appoint a social and ethics committee (an SEC). It now submits that it ought to be exempted in terms of section 72(5)(b)5 of the Companies Act.
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