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By Terrance M. Booysen and peer reviewed by Kerry Gantley (Partner: Cowan-Harper-Madikizela Attorneys)
We all know that hate speech and free speech are entirely different concepts, yet in South Africa what you can and cannot say as a responsible citizen or public figure remains a divisive issue.
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Besides the more notable pieces of legislation that deal with bribery and corruption, which include the USA’s Foreign Corrupt Practices Act of 1977, the United Kingdom’s Bribery Act of 2010 and even South Africa’s Prevention and Combating of Corrupt Activities Act 12 of 2004; now South African organisations will have to contend with even more anti-bribery controls. Considering that South Africa reportedly loses between R25bn-R30bn each year due to bribery and corruption in state procurement alone, any additional anti-bribery measures should be welcomed with open arms.
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With the recent findings of the Constitutional Court pertaining to the Nkandla matter, the subject of corporate governance has intensified and the topic has featured in media headlines, talk-shows and public debates across South Africa. Notwithstanding these recent events, have boards and their directors taken the issues attached to corporate governance seriously enough; particularly since the debacles attached to SAA, PRASA, Eskom, SABC and so many others which have been mired with alleged poor governance practices. And whilst there are endless regulations being passed — with yet another new set of governance recommendations being published through King IV — many organisations and their leadership continue their laissez-faire attitude with scant regard for good governance and accountability.
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It is somewhat ironic that the last nugget from research on my just-published book, True South: Leadership Lessons from Polar Extremes, turned out to be a little-known quote by Tryggve Gran, a member of the British party that found the frozen bodies of Sir Robert Falcon Scott, Dr. Wilson, and Lt. Bowers dead in their tent in Antarctica, 11 miles from supply-laden One Ton Depot on November 12, 1912: “They died having done something great. How hard must not death be having done nothing?”
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After one year in the making, this week the book I wrote together with Dr. Alicia Medina is finally available in Amazon.com
We studied the corporate and project stands on ethics and governance, which allowed us to introduce an innovative approach.
This book emphasizes the existence of separated sets of ethical values adjusted to different circumstances, which along with personal interests, allegiances, and opportunity, comprise the ethical cube.
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Article by Jene’ Palmer and edited by Terry Booysen
Forward thinking organisations have realised that corporate governance does not merely fall into the portfolio of the Company Secretary. Indeed, the draft King IV Report on Corporate Governance for South Africa 2016 (‘King IV’), describes corporate governance as “the exercise of ethical and effective leadership by the governing body” of an organisation. Why then is corporate governance still viewed by many organisations as a process which increases bureaucracy and drives a ‘tick box’ exercise?
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As more pressure is exerted upon organisations to demonstrate good governance across their entire operation, increasingly boards of directors are expected to possess far greater knowledge and understanding of the organisation’s business and its supply chain. For directors to naively believe that their collegial friendships at board level, or their business connections will ‘make the grade’ is simply not good enough, neither acceptable.
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Integrated Reporting (IR) represents a possible way forward in the field of regulation that is more holistic and inclusive than current reporting regimes. The International Integrated Reporting Council (IIRC), a global coalition of regulators, investors, companies, standard setters, accounting and finance professionals and NGOs is the acknowledged leader in the field of IR. The IIRC is of the view that communication about value creation should be the next step in the evolution of corporate reporting. The International Integrated Reporting (IR) Framework has been developed by the IIRC to meet this need and provide a foundation for the future.
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By Terrance M. Booysen and peer reviewed by At van Rooy (KISCH IP: Director and Patent Attorney)
When boards of directors gather to discuss the top risks of an organisation, it may entail matters such as structurally high unemployment, labour unrest, exchange rate volatility, political uncertainty, unmanageable fraud and corruption, threats of new market entrants or even product stagnation. Whilst there are indeed many more topical risks that may be relevant to the nature of the organisation’s business and immediate environment, it is not common for a board to include the threat of their innovation and intellectual property (‘IP’) being marginalised or lost. Bearing in mind the critical importance of protecting the organisation’s IP, which is the organisation’s raison d’etre, it’s quite likely this vital business component has fallen within the board’s blind spot.
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The impacts of the widely broadcasted activities that South African citizens witnessed regarding the ‘Nenegate blunder’ will be felt hardest amongst the poor, and for many years to come. And this is with no thanks to President Jacob Zuma. President Zuma singularly decided to remove Minister Nene as South Africa’s Finance Minister in December 2015 — seemingly with no proper reason — and following this move, half a trillion Rand was wiped off the value of South African stocks and bonds in just two days.
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