Considering the heightened awareness of governance reporting
and the increased accountability
attached to directors; so much has changed for business leaders since the collapse of Enron and WorldCom in the United States, the HIH Insurance Group in Australia and Parmalat in Italy. Unsurprisingly, South Africa has also had its fair share of corporate failures, most notably those found in the cases of Aurora Mining company, Macmed, Leisurenet, Fidentia and Regal Bank.
Good morning esteemed guests, ladies and gentlemen; and a special welcome to all of those who have travelled from near and afar, in order to attend this special event – the MDG Review Summit & Exhibition of 2012.
There’s much that can be said about the manner in which members of a board are ‘wired’, and it does not take much to recognise those directors who embrace technology and those who don’t.
Crime experts, economists and NGOs were recently not surprised that an estimated R30 billion was being lost annually by South African taxpayers due to graft, incompetence and negligence in the public service.
The role of the company secretary has in past times been referred to as the “keeper of secrets
”. This title was aptly attached to the person responsible for recording the minutes of a (business) meeting containing sensitive or legal information, and being discussed amongst a privileged few.
In many countries, government and large businesses is dependant upon suppliers and contractors to provide various services and products, as a critical support to their operations.
The recent phone hacking and banking scandals in Europe have again illustrated the importance of corporate governance; showcasing the manner in which organisations can incur irreparable damage to their reputation when they do not pay correct attention to their governance practices.
Throughout the history of mankind, much has been said and written about change
What is now crystal clear for directors and prescribed officers -- particularly since the launch of the Companies Act 2008 (‘the Act’) which became effective on 01 May 2011