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LIFESTYLE AUDITS CURB ERRANT BEHAVIOUR

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By Terrance M. Booysen and reviewed by Megan Grindell (Director: Carter DGF Risk Management)

In today’s heightened times of public scrutiny and calls for ethical leaders, it’s not surprising that many concerned citizens have become far more demanding for good governance and transparency. Social media has been a major contributor to this call, such that a person’s privacy — including matters such as their social pleasures and behaviour — are broadcasted in seconds to almost any corner of the world. For example, if a work colleague is an avid user of Facebook or Twitter, it’s not too difficult finding out what that person’s likes and dislikes are, what gyms or sport clubs they attend and how often, right down to discovering their dream car or accommodation.
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CYBER CRIME: RANSOMWARE LURKS DANGEROUSLY WITHIN THE INTERNET

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Article by Terrance M. Booysen and peer reviewed by Craig Rosewarne (CEO: Wolfpack Information Risk (Pty) Ltd)

It was estimated by ISACA — previously known as the Information Systems Audit and Control Association® — that there could be as much as 5.4 billion internet-based connected devices by the year 2020. And these estimates may even exceed their original projections as technology advances with its prolific and wide-spread adoption. Similarly, Cisco IBSG also predict billions of devices within the business-to-business use of the Internet of Things (IoT) where personal computers, smart phones and home devices, tablets, electronic wearables, medical devices, clinical systems, gaming systems and similar instruments will become more vulnerable to the security risks that lurk within the internet.
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An innovative approach: A Young People Board of Directors

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MORE YOUNG PEOPLE WITHIN BOARDS ? Is it possible ? How? An innovative approach: A Young People Board of Directors Boards rejuvenation is often rightfully considered and discussed, but statistics on boards members ages show little progress. Due to a lack of knowledge of reality, for the general public a Board of Directors is a set of relatively old persons. Common sense and corporate governance approaches lead to think that new ideas from younger generations introduced within the company board discussions would surely be a company asset.
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Wishful thinking and reality – ‘The Proposition’

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This is about a film – ‘The Proposition’ (its German title – Wunsch und Wirklichkeit – translates as Wishful Thinking and Reality) a true-to-life depiction of the state of Corporate Governance and shareholder AGMs.

Just like the film set in Boston, the founders and shareholders Larry Page and Sergey Brin find themselves in love with partners who are impotent. The co-shareholders possess A, B and C type shares without voting rights and all this (nomen est omen) in a parent company called “Alphabet” a multi-layer concern where never is heard the slogan ‘one share one vote’ so often yelled by activists at corporate governance conventions. Hi-tech concerns like Linkedin and Yelb, or groups such as Comcast and Discovery, or Volkswagen and Facebook all have that in common – grab the shareholders by the purse strings and deny them voting rights.
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THE RIGHT TO PROTECT YOUR PERSONAL INFORMATION

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By Terrance Mark Booysen and reviewed by Nicholas Hall (Associate: Michalsons Attorneys)

Last year there was a flurry of activity when it was reported that a well-known South African cell phone company closed its e-billing portal over an alleged security breach. Considering the potential that their customer’s billing information could have become exposed, the mobile operator was quick to respond. Soon thereafter the company implemented data encryption, together with customer identification login confirmation facilities. Then there was the case of the City of Johannesburg who reportedly had massive security flaws where allegedly it was possible for non-employees to read its customer’s billing information, furthermore gaining access to the customer’s name, account numbers and contact details.
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Board Reviews – Abort, Retry, Ignore, Fail – A New Model is Needed

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The chairman’s presentation at Diligent’s (DIL –NZX) 2013 AGM (June 23rd) included the following brief statement under the heading Strengthened Internal Controls: “The Board is currently undertaking a review of corporate governance matters with the assistance of an outside consultant, including with respect to the desired skill sets for the Board, share administration and other internal processes related to corporate governance.”
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Some Further Thoughts on Corporate Governance

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Effective corporate governance does not, in and of itself, mean good corporate governance; ‘good’ may well be implicit; I prefer to make it explicit. The word ‘corporate’ can also be somewhat misleading and some people may, mistakenly, conclude that corporate governance is a matter for large organisations. My recent survey evidence suggests that this is not the case; corporate governance applies to all organisations, I have therefore decided to use the ‘shorthand’ good governance. Corporate governance and good governance are used interchangeably throughout this article.
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Protection of investment: How safe are South Africa’s ‘investments?

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At the time when South Africa re-entered the global economic arena in 1994 — amongst a number of critical tasks set by the late President Nelson Mandela — the newly elected democratic government realised the importance of establishing Bilateral Investment Treaties (‘BITs’) with foreign countries. These BITs were established in order to inter alia; boost the then ailing economy through international trade, as well as to attract their much needed foreign investment to South Africa.
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Beyond Legal Loyalty

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Days before leading a first-time governance training session for a not-for-profit board, I learned that a trustee with a history of improper behavior had asked the CEO to fire an employee they were at odds with. Other trustees were troubled by their unrepentant peer’s unauthorized request, and hoped my training would reinforce the risk of not addressing the behavior.
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Bribery: The board is accountable

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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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