Articles by our readers about integrity. Do you want to contribute to this category too? Please subscribe to be an author.
The Franco British Chamber of Commerce
Founded in 1873 and with a membership network of over 700 companies, the Chamber’s objective is to lead the Franco-British business community in France.
World Women in Real Estate
WWIRE is a community that encourages world women in real estate to help each other and create an impact
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By Terrance M. Booysen and peer reviewed by David Loxton (Partner: Dentons)
Directors and officers of all organisations are facing an increased risk of personal exposure. Their roles and responsibilities have become progressively more onerous in recent years, mainly as a result of new legislation and regulatory requirements, stakeholder pressure and increased governance and social responsibilities, as well as the complexity of trans-continental and macro-economic trading conditions.
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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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In our previous article dated 09 June 2016, BIA proposed a novel addition to the global investment lexicon by suggesting we add the term Vestor. According to BIA, the definition of a Vestor is “any person who has any personal stake in the outcomes produced by an organization.” A Vestor has a vested interest, synonymous with being a stakeholder.
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The precise principles of Corporate Governance are published globally through assigned local government regulators within their respective countries. These fundamentals are put into place in order to adequately regulate and manage the behavior of large-sized corporations whom are publicly listed on the stock market. This ideology is primarily set to protect the rights and interests of the shareholders from more than one standpoint.
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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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Labour MP Frank Field, co-author of the 60-page report into the BHS collapse by the parliamentary business, innovation and skills select committee, has raised concerns with Greg Clark, the Business Secretary, about possible gaps in Britain’s corporate governance regime.
After alleging that Sir Philip Green had “plundered” BHS’s pension schemes, he said that the committee’s report highlighted the need for tougher rules to apply to privately owned companies, and for watchdogs to be handed additional powers to enforce them.
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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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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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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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