Too few S African companies with good governance records – Lewis

27th October 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

South Africa has some “excellent institutions”, such as the South African Reserve Bank, the National Treasury, financial regulators, the competition authorities, the JSE and the sophisticated justice system that are “keeping the country afloat”, says Corruption Watch executive director David Lewis.

Speaking at Chartered Secretaries Southern Africa’s Premier Corporate Governance conference on Tuesday, he noted that these entities complied with the law and adhered to the highest governance standards.

“It is no coincidence that so many of our best performing companies from a governance perspective are subject to the extraterritorial jurisdiction of the US Foreign Corrupt Practices Act, but, whatever the reason for their excellence, I’m certain that the law enforcement risks are among them,” he explained.

Lewis further stated that there were too few of these institutions, adding that, if too many stumbled, the country would soon find itself sliding further down the global corruption indices.

“We’ve already slid down pretty far; uncomfortably close to countries such as Russia, India and Greece, where corruption has been instilled so deep that there is no realistic turnaround. The trick is to make our good institutions the standard to which others aspire, which multiplies the institutions that hold South Africa on their shoulders,” he said.

He also noted that, while South Africa had one of the best anticorruption statutes in the world, it was not being enforced.

He stressed that companies should ensure that employees that are found guilty of corruption be punished appropriately and publicly, as well as ensure that internal anticorruption programmes were applied to each joint venture partner, supplier and customer.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION