Johannesburg — The objections of listed companies to disclosing directors' salaries are delaying the Johannesburg Securities Exchange South Africa's move to international best practice.

JSE CEO Russell Loubser has now given listed companies until March next year to comply with this requirement. The ruling was previously to be implemented on October 1 last year.

The JSE is due to discuss controversial proposals today to extend trading time by three hours and to allow anonymous trade. Brokers confirmed that their opinion was being polled.

While providing listed companies with more time to comply with the disclosure of directors' remuneration, the JSE also sent a strong message to those who may try to avoid this requirement.

It was "aware that some companies may wish to change the relationship between themselves and their directors as well as the manner in which they remunerate those directors to avoid compliance with this requirement".

The delay could also have been influenced by the fact that this issue was still being discussed in terms of the King code on corporate governance. Loubser said: "It will be difficult for a code on corporate governance to argue against such disclosure. (It) is necessary to enhance the market's integrity."

One of the reasons for the objections was a concern that if directors revealed their remuneration, they or their families could become the targets of kidnappers or hijackers, or that senior staff could be poached.

The JSE will disclose what its directors earn when it publishes its annual results in a few weeks' time.

Traders had a mixed response to a plan to increase trading hours and do away with revealing stockbrokers' identities. The Jet system displays a broker code for every trade executed. Consequently, market players know with whom they have just executed a trade.

One trader said trading anonymously would increase the risk of market manipulation, while longer trading hours would place huge burdens on brokers.

Another said longer hours might boost retail participation in the market, but turnover would increase only if institutional investors were willing to trade that late.

The proposal to increase trading hours would mean the markets would close at about 7pm. The proposal is also intended to improve trading volumes, since the JSE would close at the same time as the London Stock Exchange and enable the local market to respond to US market developments.