2 years ago

Opportunity Issue 97

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Opportunity, endorsed by the South African Chamber of Commerce and Industry (SACCI), is the mouthpiece for business in Southern Africa. The aim of the publication is to inform potential investors both nationally and internationally of the most relevant business news: trade, investment, financial, market-related information for each business sector, as well as to inform of the latest developments in business legislation from both the public and private sector. In this issue, SACCI’s call is for everyone to work towards the common purpose of getting our economy on a sound footing again.


GOVERNANCE Accountability and action The national anti-corruption strategy In his 2021 State of the Nation Address, President Ramaphosa emphasised the deep negative impact of corruption on the country’s growth and development, with specific reference to the shocking revelations emerging from the Zondo Commission. “South Africans need no reminding that corruption is a cancer that is destroying the fabric of our society, and the recent scandals relating to the procurement of personal protective equipment have driven home how brazen the looting has become. But, at the same time, society is cynical about government’s political will truly to bring malefactors to book,” argues Parmi Natesan, CEO of the Institute of Directors in South Africa (IoDSA). “Accountability is critical to rebuilding trust in the institutions of state and in government itself. It’s critical that the Anti-Corruption Strategy works and is seen to work.” ___ __ _ _ _ _ _ _ _ __ Transparency is the twin sister of ethics and accountability _ __ ___ __ _ _ _ _ _ _ The IoDSA urges that government needs to consider the following in order to ensure its anti-corruption strategy works: Is it well designed? “It’s important the programme is aligned with legal requirements and stakeholder expectations – it must deliver accountability in line with what long-suffering citizens want,” she explains. “Equally important, the programme must focus on the key risks to ensure maximum impact, and its results must be rigorously measured and reported. Transparency is the twin sister of ethics and accountability.” Is it being applied in good faith? With the greatest respect, it is easy to set up initiatives but only few deliver. Adequate resourcing and a record of swift action taken against corrupt individuals indicate good faith. It must also be clear that initiatives are in place to make ethical behaviour the default setting across government. These would include a visible commitment to ethical behaviour at the highest echelons of government, comprehensive training throughout the organisation and a well-communicated anti-corruption policy. In a sense, government is the board of South Africa Inc, and so is responsible for setting the “tone at the top” and driving it down throughout the country. Does it work? Any programme is only as good as its results. Government must commit to actively monitoring how well its anti-corruption programme is working based on a consistent set of metrics, one of which should be the incidence of corruption both in terms of value and number of incidents. “Government needs to ensure not only that that monitoring takes place, but that it reviews the results regularly to identify and remediate any gaps,” Natesan notes. It’s worth reminding ourselves of how serious the consequences of corruption and unethical practices are. They include lack of societal service delivery, and reputational damage to the country and the government, as well as their leaders. From a governance perspective, corruption is essentially the opposite of good corporate governance ie, ethical and effective leadership. “A corrupt country will find it hard to attract foreign direct investment, inhibiting the growth of a tax base government can use to fund social-upliftment projects. Civil claims by parties who suffered loss because of corruption are also a possibility,” Natesan concludes. “Of course, individuals convicted of corruption could face criminal charges as well.” ___ __ “Accountability is critical to rebuilding trust in the institutions of state and in government itself. It’s critical that the Anti-Corruption Strategy works and is seen to work.” – Parmi Natesan, CEO of the Institute of Directors in South Africa (IoDSA). 48 |

DELIVERING A DISTINGUISHED SERVICE S&A Chartered Accountants Incorporated (S&A) is a world-class professional service firm rooted in African tenacity and innovation. NAME: POSITION: COMPANY: SLOGAN: Tebalelo Peter Serite CA(SA) Founder & Group MD S&A Chartered Accountants Business Engineering Offering a range of services, among others auditing, taxation, accountancy and advisory to both the private and public sectors, S&A is a firm that is 100% African owned and managed. We are a practice founded and incorporated in South Africa with offices in Gauteng, Durban and Limpopo, led by management with over a decade of industry experience. Our experience, expertise, skills and structures enable us to deliver a distinguished service to our clients consistently across industries, sectors and geographical locations. Corporate PROFILE Our purpose is to be trusted and add value by consistently providing innovative, timely and quality services that contribute to our clients’ success. We make a strong commitment to our clients to understand them, their business, their vision, challenges and industry to ensure that we provide service of distinguished excellence. ______ ___ _ Our division, S&A Innovations, boasts a groundbreaking tech-driven digital incubator and accelerator, Bohlale Business Incubator, that aims to support SMMEs, unemployed graduates and to provide value to corporates in the form of optimal tax planning and B-BBEE maximisation. Read more Founder and MD of S&A Chartered Accountants, Peter Serite is a chartered accountant, transformation expert, lecturer, entrepreneur, and auditor. He is a well-seasoned industry leader in auditing and assurance, B-BBEE advisory and SMME development. Serite has vast experience in both the public and private sectors and boasts of a client portfolio with a wide range of JSE-listed clients, multi-national corporations, state-owned entities and high-growth SMMEs. He is passionate about transforming lives, empowering the youth, and creating sustainable employment. S&A CHARTERED ACCOUNTANTS Telephone: 012 004 1530 | WhatsApp: +2779 7755 799 | Email: | Website: Physical address: Cnr William Nicol & Sloane, Bryanston 2191, Gauteng

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