Don’t ignore Zimbabwe
An opinion piece that brings attention to the impact of Zimbabwe’s economic hardships on South Africa. With the economy of South Africa’s neighbour falling even further due to recent political events in the country, there could be potentially dire consequences for South Africa and its companies. Will the revenue earned from exports to Zimbabwe be placed at risk or will the tide turn? Read more at iAfrica.com or Africa.com
Advocacy: A call for disclosure of beneficial owners
Who Owns Whom Managing Director Andrew McGregor calls on South African citizenry to join those in Kenya, Ghana and Nigeria who are holding their governments accountable for rising state debt. Let’s peel back the layers of corporate secrecy with the Companies Amendment Bill and demand transparency in the current procurement system such that ultimate beneficial owners of private companies are disclosed. Read more at AmaBhungane.com or iAfrica.com
Restructuring the Private Sector
Conglomerates did not deliver their side of the postapartheid bargain
Private fixed investment flatlined in business-friendly climate but asset managers and BEE beneficiaries score
The unbundling and reconstitution of SA’s apartheid-era conglomerates since the early 1990s is arguably the biggest restructuring of the South African economy since the discovery of diamonds in the 1880s, but it has received only limited attention. Yet, as SA grapples with its fundamental challenges of unemployment, inequality and fracturing social cohesion, it is critical to reflect on how the bargains that gave rise to this restructuring were formed, their effect on economic structure and performance and the urgent need for a new set of pragmatic bargains. One question, in particular, needs to be posed: have postapartheid corporates contributed to …
Scorecard Finds Fishing Firms Are Most Transparent
A culture of secrecy remains prevalent in large sections of business
In many traditional African cultures, talking loudly avoids creating suspicions of secrecy — a gesture that could be well adopted by South African business. Transparency in business was an early victim of the apartheid state, which attempted to hide clandestine sanctions-busting as well as arms and equipment supply to the state security apparatus. This culture of secrecy remains prevalent in large sections of business, and yet the reasons behind corporate secrecy are the same reasons society demands corporate transparency. The Economist describes the drive for corporate transparency as “the openness revolution”, which is driven by the global fight against corruption, …
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