It is not surprising that many business leaders have become a lot more circumspect about their positions -- including their waning risk appetite -- as yet more draconian legislation enters the market in South Africa.

Legislation such as the Protection of Personal Information Act, the Broad-Based Black Economic Empowerment Act, the Consumer Protection Act and the Competition Act -- including a host of labour and environmental Acts -- place significant risks upon directors and prescribed officers, especially when their provisions are not met.

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