Global Legal Professionals

Over the years, three generations of Stegmanns were partners in the firm and P.O. Box 334, Pretoria that originally belonged to Izak Edwin Stegmann in 1891 is still the firms’ postal address today.

………………………………………………………………………………………………………….

…………………………………………………………………………….

Vision, Mission & Values
Our Vision

We are committed to building Stegmanns Incorporated into a brand that is nationally recognised within the legal fraternity and business community as a market leader that provides superior, specialised legal services to an ever expanding base of satisfied corporate and SMME clients.

We will be an active contributor to shaping law and legal process in South Africa to the benefit of all citizens.

Our staff will be highly competent and will reflect the population characteristics of broader South African society in terms of race and gender.

The way we do business will demonstrate our integrity and be a guiding light for others in our industry to follow.

………………………………………………………………………………………………………….

…………………………………………………………………………….

Doing Business with Stegmanns
Our clients can rest assured that their legal matters are in good hands with Stegmanns Inc. because:

We are committed to providing legal solutions that are tailored to our clients’ individual needs and requirements and will never compromise when it comes to acting in their best interest.
Confidentiality is ensured in all matters.
We invest in continued professional development to ensure that our clients consistently receive the best professional advice and representation.
Terms of service are agreed at the beginning of an engagement and confirmed in a formal letter of Appointment so that our clients know exactly what to expect.
………………………………………………………………………………………………………….

……………………………………………………………………………

BBBEE
Stegmanns Inc is committed to sustainable transformation in the workplace and the South African economy as a whole.

The firm’s progress in the areas of black ownership, employment equity, skills development, enterprise development and socio economic development is reflected in our rating as a Level 1 contributor to BBBEE.  Businesses with significant black ownership and small businesses will benefit directly from the supplier management program that is being implemented from 2011 to 2012.

To obtain a copy of our BBBEE certificate, please mail the Practice Manager, Risef Coetzee on risef@stegmanns.co.za

This e-mail address is being protected from spambots. You need JavaScript enabled to view it

………………………………………………………………………………………………………….

……………………………………………………………………………

Corporate Social Responsibility
As a proud corporate citizen of South Africa, Stegmanns Inc is grateful for the opportunities it has had over the years to make a difference to those in need.

Funds are raised through our annual charity golf day as well as other, smaller initiatives.

Since 2008, we have been able to make a difference in the lives of the many orphans awaiting placement with permanent families through our association with Abba House, a division of SA Cares for Life.

The proposed solution to corporate governance problems in the UK exposed by the financial crisis is doomed to failure: a discussion with reference to the Walker Report and the Stewardship Code

By Melissa Jansen © 2011 (Posted on 21/10/2011)

“It is surely only a matter of time before some headline-grabbing politician identifies the root cause of all our problems: we have been letting the rascals regulate themselves. What do you expect?”[1]

Introduction

The current financial crisis is perceived as a crisis of corporate governance, and regulators are focused on how to improve governance to restore confidence in the market.[2] As a result of the crisis, the UK government commissioned Sir Walker to review the governance of financial institutions, the Walker Report,[3] called for reform and increased institutional shareholder activism.[4] The Reports’ findings propelled the Financial Reporting Council (FRC) to review the Combined Code, which resulted in the Corporate Governance Code and the Stewardship Code.[5] The FRC’s review drew two main conclusions, firstly that shareholder participation should be enhanced, and secondly the need to comply with the spirit of the Corporate Governance Code.[6] The Corporate Governance Code and the Stewardship Code is not legally binding and follows the ‘comply or explain’ approach.[7] The FRC stated that the responsibility to ensure that ‘comply or explain’ remains a better alternative to regulation lies with both companies and shareholders.[8]

Beguilingly, these reviews have a promising start by identifying institutional investors as the appropriate party to monitor companies, but fail to grasp the nature of the fiduciary relationship that institutional shareholders owe towards their owners.

The Problems for Corporate Governance Exposed by the Financial Crisis

The UK has experienced failures among its largest banks, while being subject to the Combined Code.[9] Institutional shareholders own significant amounts of equity, possessing enough power to actively participate in their investee companies, but their lack of activism has been criticised as a contributory factor to the crisis.[10] The absence of quality communication between investee financial institutions and its shareholders led to short term behaviour with no assurance that shareholder’ long-term interests were taken into account.[11] There is a need for long-term investors to engage actively with the investee company to protect their interest against the interest of short term investors.[12]

Institutional investors have fiduciary duties towards their clients resulting in a conflict to long-term commitments with investee companies.[13]

It is uncertain whether the crisis could have been mitigated by a more stringent system of governance, or by active shareholders with expertise, but critics of the UK system blame it on the box-ticking approach resulting in complacency.[14]

Proposed Solutions: The Walker Report and the Stewardship Code

The Walker Report[15] made recommendations in five main areas: board size, composition and qualifications of the board; functioning of the board and evaluation of performance; the role of institutional shareholders: communication and engagement; governance of risk; and broader transparency in remuneration.[16]

It recognised the potential for long-term shareholders to participate actively as owners to influence the quality of governance, and recommended that firms disclose their activities and engagement strategies with shareholders.[17] The recurring theme is that quality depends on behaviour; there is a need for a general change in the relationship between board members and their investors. [18]  This requires a cultural change within boards, and a balance between an unquestioning approach to maximise wealth and a thorough questioning approach considering the long-term success of the company.[19] A concern that is left unanswered is how companies and investors can adjust near-term focus of investment managers measured by their performance on an annual basis with long-term investment portfolios.[20]

The Corporate Governance Code[21] adopted recommendations made by Walker namely that formal independence should be balanced with expertise,[22] and the adoption of a voluntary code of stewardship for institutional investors.[23] The Stewardship Code[24] aims to improve the quality of institutional shareholder engagement, focus on long-term returns and to exercise efficient governance responsibilities.[25] Stewardship is to hold something in trust, resulting in accountability without possessing control.[26] Institutional investors to whom the Stewardship Code is applicable would be expected to disclose on a ‘comply or explain’ basis their policy on discharging their stewardship responsibilities and their monitoring and voting activities.[27] The Code will be monitored by the FRC to ensure that it continues to be fit for purpose, and is revolutionary in the validation of best practice.[28] The Code aims to reduce the risk of failures as a result of bad decisions, and to offer support in exercising governance responsibilities efficiently. The Code also envisions joint shareholder engagement in “situations of significant corporate or wider economic stress”.[29] Stewardship considers the contractual relationship between funds, their asset managers and their beneficiaries, and also their wider responsibility to the investment market.[30]

To download the full article including “A response to the proposed solutions and Conclusion (6 pages – 70 Kb) in PDF format, please click here.
 

——————————————————————————–
References
[1] David Wighton, ‘Corporate governance cries out for reform’ The Times (Business Editor’s Commentary 18 March 2009)

<http://business.timesonline.co.uk/tol/business/columnists/article5927876.ece> accessed 20 April 2011.

[2] Christine A Mallin (ed), Handbook on International Corporate Governance: Country Analyses (2nd ed Edward Elgar Publishing 2011) 3. Ray Barrell et al, ‘The Current Financial Crisis and the Economic Impact of Future Regulatory Reform’ in Ian MacNeil, Justin O’Brien (eds) The Future of Financial Regulation (Hart Publishing 2010) 65.

[3] Sir David Walker, ‘A Review of Corporate Governance in UK Banks and other Entities in the Financial Services Industry: Final Recommendations’ (26 November 2009) <

http://webarchive.nationalarchives.gov.uk/+/http://www.hm-treasury.gov.uk/d/walker_review_261109.pdf> accessed 11 April 2011.

[4] Walker (n3). Simon Holden, ‘That was the tweak that was: the new UK corporate governance code retains the light touch of its predecessor, but there are some notable changes’ [9 March 2011] Financial Map <

http://financialmap.info/that-was-the-tweak-that-was-the-new-uk-corporate-governance-code-retains-the-light-touch-of-its-

predecessor-but-there-are-some-notable-changes-simon-holden-discusses-them.htm> accessed 25 April 2011. Elliot Shear et al, ‘Corporate Governance in Financial Institutions’ [2010] 74 COB 1.

[5] Financial Reporting Council: The UK Corporate Governance Code June 2010 <

http://www.frc.org.uk/documents/pagemanager/Corporate_Governance/UK%20Corp%20Gov%20Code%20June%202010.pdf> accessed 11 April 2011. Financial Reporting Council: The UK Stewardship Code July 2010

<http://www.frc.org.uk/images/uploaded/documents/UK%20Stewardship%20Code%20July%2020103.pdf> accessed on 11 April 2011.

Holden (n4). Barrell (n2) 63. Azizah Abdullah et al, ‘Corporate Governance and Corporate Performance: UK FTSE 350 Companies’ (The Institute of Chartered Accountants of Scotland Edinburgh 2009) i. Iris H-Y Chiu, ‘Stewardship as an Investment Management for Institutional Shareholders [2011] 32(3) Comp Law 65. Donald Nordberg, Corporate Governance: Principles and Issues (Sage Publications Ltd 2011) 100, 101.

[6] Holden (n4). Simon Holden, ‘Corporate Governance Code: This recently published Code could affect AIM-listed companies’ [2010] AimZine Ltd < http://www.faegre.com/webfiles/CorporateGovernance.pdf> accessed 24 April 2011.

[7] Holden (n4). Shear (n4) 4.

[8] Shear (n4) 8. Glynis D Morris, ‘Stewardship Code for Institutional Investors’ [3 March 2010] 33 CSR 23, 182.

[9] Robert AG Monks, ‘A Response to the FCIC Final Report’ [2011] April issue Governance Metrics International Founders’

Forum <http://foundersforum.gmiratings.com/bob-monks/ > accessed 18 April 2011. Jill Solomon, Corporate Governance and Accountability (3rd ed John Wiley and Sons Ltd 2010) 41.

[10] Chiu (n5). Anu Arora, ‘The corporate governance failings in financial institutions and directors’ legal liability’ [2011] 32(1) Company Lawyer 3. Were they in a position to question the decisions made by top management? [11] Shear (n4) 8, 14.

[12] Shear (n4) 8.

[13] Shear (n4) 8.

[14] Wighton (n1).

[15] Walker (n3) 5.

[16] Walker (n3) 11, 12, para 5.11. Shear (n4) 2, 15.

[17] Arora (n10)

[18] Shear (n4) 14, 15

[19] Shear (n4) 15.

[20] Shear (n4) 15.

[21] Corporate Governance Code (n5).

[22] Nordberg (n5) 101.

[23] Nordberg (n5) 101. Shear (n4) 8, 21.

[24] Stewardship Code (n5).

[25] Eleonor Baxter, ‘Corporate governance 2011’ [2011] 161(7455) NLJ 324.

[26] Peter Block, Stewardship: Choosing Service over Self-Interest (Berrett-Koehler Publishers 1996) xx. Shear (n4) 23.

[27] Shear (n4) 8. Baxter (n25). Mallin (n2) 8. Nordberg (n5)101.

[28] Shear (n4) 18. Michael McKersie, ‘The Stewardship Code and the problem of engagement by institutional shareholders with listed companies’ [2010] 5(4) CMLJ 439.

[29] Stewardship Code (n5) principle 5.

[30] Chiu (n5).

ADDITIONAL PROTECTION FOR LANDLORDS

Landlords Hypothec

By Tracy-Erin Watson  (Posted on 20/10/2011)

By virtue of common law, a landlord derives a right known as a Landlord’s Hypothec which affords him extra security in the event that he has to institute legal action against a tenant for arrear rental.

The Hypothec affords the landlord the ability to attach and sell the movable goods of a tenant held on the leased premises to the value of the arrear rental. This right extends to movable goods held on the leased premises that are owned by a third party and/or subtenant if certain criteria are met namely:

The goods were brought onto the leased premises with the knowledge and consent, express or implied of the owner of the goods
That the goods were intended to remain on the leased premises for an indefinite period of time to be used by the tenant
That the owner failed to notify the landlord of his ownership and
The landlord is unaware that the goods do not belong to the tenant
This right comes into effect upon occupation by the tenant however it is only enforceable by Court Order. A Tenant is therefore free to remove his goods from the premises until such time as the landlord hypothec has been confirmed by the courts.

A Summons can be issued which includes a notice prohibiting any person from removing any of the furniture or other effects on the premises which are subject to the landlords hypothec for arrear rent until an order relative thereto has been made by court. The Sheriff, if requested, will make an inventory of such furniture or effects and such notice upon the summons shall operate to interdict any person having knowledge thereof from removing any such furniture or effects from the leased premises.

Once an order is granted the landlord is entitled to remove and sell the goods, he cannot however do so himself he must make use of a sheriff who will remove the goods and sell them at a public auction.

The landlord only enjoys the landlord’s hypothec when the tenant is in arrears with his rental. It therefore lapses when the rental has been paid and the tenant is then free to remove the goods from the premises.

Always be sure to seek sound legal advice before attempting to collect arrear rental, this will ensure that the correct steps are taken which will expedite the collection process.
 

news desk 
 
 
THE 2011 STEGMANNS CHARITY GOLF DAY – posted on 17 October 2011
The Stegmanns Inc Annual Charity Golf Day took place at the Irene Country Club on 13 October 2011.

This year’s field consisted of 15 four balls and the format was a 4-Ball Alliance with two scores to count.  Prizes were awarded to the first nine teams as well a longest day prize for the team that scored the lowest points.  Prizes were also awarded for the longest drive (won by a lady!), and nearest to the pin on a Par 3 on each nine.

The general consensus among the players was that everyone had a lot of fun and that the day was a great success.

This year’s event also included a Ladies Beginners Golf clinic which had 11 entrants.  Prizes were awarded for the most entertaining player, the best drive, the best chip and the best putt.

The day could not have been the success it was without the generous sponsorships of the following companies:

AA Brown Insurance Brokers
Absa
Alisom Communication
Aromaflex
Body for Life
Candy Man
Copfin
Dischem
Distille
Emnotweni Sun
Everlasting Memories
Game
Generation IT
Griege & Meinke
Investec
Jenna Clifford
Julie Hastie
Komati Gorge
Law Property
Nashua
Nedbank
O8connect
Pro Shop
The Golfers Club
Vodacom
Volembo Electrical
The highlight of the prize giving dinner was handing over a cheque of R35 000 to Abba House, the beneficiary for the 2011 golf day.  An additional R4 000 was raised in the auction that was held at the prize giving dinner.  A further R1 000 was donated by Adrian Van Der Byl from Irene Estate to bring the total amount donated to R40 000.  Abba House provides temporary shelter for babies awaiting placement with adoptive families.  The money will be used when they move into their new premises.

NEW CHAIRPERSON AND VICE CHAIRPERSON FOR STEGMANNS INC.  –  posted on 22 August 2011

Flora Sibanyoni was unanimously elected as the new Chairperson of Stegmanns Inc at the annual general meeting held on 19 August 2011.

Flora started with Stegmanns Inc. in August 2004 as an article clerk.  A year later, after successfully completing her articles, she accepted a permanent position with the firm as Professional Attorney.  Her commitment to achieving results and positive attitude allowed her to move quickly through the ranks and she became a Director in April 2008.

Since then, she has built a well established conveyancing practice and her contribution to the management of the firm has been acknowledged by all her fellow Directors and staff.  She has a passion for the Stegmanns brand and the values that it embodies.  Her commitment to team work and her no-nonsense approach to business will be key to the contribution she makes in this important leadership role at Stegmanns Inc.

Dominic Steyn, Director of the Commercial and Litigation Department, was also unanimously elected as Vice Chairperson. 

His keen understanding of the business side of running a practice will definitely be felt as a positive driving force over the next 12 months.
 

 
 
 
Why work at Stegmanns?
Stegmanns Inc has a solid reputation in the legal industry and a proven track record that dates back to 1890.  Being selected to join our highly motivated and successful team is recognition in itself.

The professionals currently employed at Stegmanns Inc have a wealth of knowledge and experience in their respective fields.  With their coaching and assistance your professional development will definitely go the next level and beyond. 

Furthermore, the firm is busy expanding and as a result, there are good prospects for personal growth, long term professional development and career development.

You will never just be a number at Stegmanns.  If you make a contribution, build your credibility and gain the trust of your colleagues, you will find a very supportive environment where we achieve greater success by working as a team.

Application Process
Only CVs received in response to specific advertisements will be considered. Only candidates who meet ALL the criteria stated in the advertisement will be considered. A cover letter motivating why you should be considered for the  should accompany your CV.

Please ensure that the following information is on your CV:

Full names
ID number
Salary expectations
Date on which you can start / notice period
Contact details
References that can be contacted from your last 3 places of employment.
All CVs should be sent to the Practice Manager, Risef Coetzee: risef@stegmanns.co.za

This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Shortlisted candidates will be contacted within two weeks of submitting their CVs to arrange an interview.

Graduate Recruitment
We appoint a limited number of Candidate Attorneys every year.  Applications for 2012 are already closed.  Applications for 2013 will be accepted from March 2012 and close on 30 May 2012.

Please indicate the two areas of law in which you have the greatest interest.

Temporary Employment
If you are interested in being placed on our database for temporary employment with Stegmanns Inc in any of the positions

listed below, please send your CV to risef@stegmanns.co.za

This e-mail address is being protected from spambots. You need JavaScript enabled to view it and indicate which of the positions you would be interested in.

Receptionist
Legal secretary – Commercial
Legal secretary – General Litigation
Legal secretary – Conveyancing
Legal secretary – Bonds
Paralegal – Collections
Paralegal – Foreclosures
Please do not apply unless you have the necessary qualifications and/or experience for a position, because you would be expected to hit the ground running!

Please note that your CV will be kept on our database for only 3 months, after which you will have to resend it to remain on the database.

Holiday Work
We give LLB students from previously disadvantaged backgrounds the opportunity to gain insight on the inner workings of a

law firm through our holiday placement program.  If you think you can make a contribution, mail your CV to risef@stegmanns.co.za

This e-mail address is being protected from spambots. You need JavaScript enabled to view it and we will contact you if your application is successful.  Please include a short letter of motivation on why you believe we should consider your application.

CURRENT VACANCIES
 
 Professional Attorney – General Litigation

Job Title: Professional Attorney – General Litigation
Branch:  Nelspruit
Department:  General Litigation
Type of position: Permanent
Start date: Immediate
Salary range:  Negotiable depending on experience

We require the services of an admitted attorney to run the General Litigation Department at our Nelspruit Office. 

Candidates who meet all of the following criteria are invited to apply:

A proven track record with at least 3 years post articles experience in Magistrate’s Court and High Court litigation
A highly motivated and energetic team player with a strong work ethic
Ability to organise and delegate effectively and handle pressure
Ability to take initiative and get the job done
Bi-lingual
Own vehicle and valid driver’s license
Solid references
 
 
 
 Assistant Estates Administrator

 Job Title:  Assistant Estates Administrator
Branch:  Head Office (Pretoria)
Department:  Estates Administration
Type of position: Temporary (3 month contract, mornings only)
Start date: Immediate
Salary range:  R5 000 per month
We require the services of an Assistant Estates Administrator who will be responsible for supporting the Estates Administrator.
Only candidates who meet ALL of the following criteria will be considered:

Experience in estates administration
Knowledge of processes and procedures at Master’s Office
Knowledge of processes and procedures at SARS in the context of estates administration will be an advantage
Bi-lingual
Intermediate MS Word and Excel skills
Maturity, empathy and patience
Valid driver’s license and own vehicle
Good references
Clear ITC
 
 

Head Office (Pretoria) +27 (0) 12 342 6430 | info@stegmanns.co.za
Nelspruit Office +27 (0) 13 752 5390 | nelreception@stegmanns.co.za

 
 
Head Office (Pretoria)

1st Floor Celtis Plaza, 1085 Schoeman Street, Hatfield, Pretoria, Gauteng
Tel: +27 (0) 12 342 6430
Email: info@stegmanns.co.zaThis e-mail address is being protected from spambots. You need JavaScript enabled to view it

Nelspruit Office

Office 2, Block C, Streak Street Office Park, Streak Street, Nelspruit, Mpumalanga
Tel: +27 (0) 13 752 5390
Email: nelreception@stegmanns.co.za