Finance Minister Tito Mboweni delivered a macabre Medium-Term Budget Policy Statement (MTBSP) to Parliament on October 30. The MTBPS communicates to government and the people the economic context of the country and fiscal spending priorities over the coming three years. (It does not include detailed spending plans or tax proposals, which are left to the main budget in February.)
If we have both internal and external auditors, we have combined assurance, right? Wrong! For the board of directors to claim that they have discharged their obligations to implement a Combined Assurance Model requires much more than just the appointment of internal and external auditors.
South Africans are well-known for their participation in stokvel saving schemes where members contribute a fixed monthly amount that is paid out to a specific member on a specified date. Employers can integrate these payments into existing processes to make it safer and more convenient for those members.
Around the world, shareholder activism is proving a disruptive force in the corporate sphere. While activist investors driving personal agendas are a cause of alarm for many Board members, it’s the environmental, social and governance activists (ESG) that are creating the greatest impact.
While women have made great strides in entrepreneurship over the past decade, female entrepreneurs still lag behind their male counterparts when it comes to raising capital. While the goal remains to close any funding gap that exists in this regard, a positive upshot has been that many women business owners have proved to be resource-efficient by necessity.
The South African economy has a secret weapon: stokvels. If harnessed correctly, investments in stokvels could significantly bolster the economy. The following statistics, provided by the National Stokvel Association of South Africa, are mind-blowing: at present there are 11.4 million South Africans who are members of stokvels; around R44 billion is pooled collectively by ordinary people in stokvels; and it is saved by 820,000 stokvels.
Off the back of National Savings Month – which was celebrated in July – followed by South Africa honouring its women in August as it celebrated National Women’s Month. It is fitting that these two months are celebrated after each other. South Africans hold their women in high regard as they play a vital role not only in society, but in the home.
The last few months have left South Africans reeling. A volatile and unstable economy, concerns around government corruption, crime at an unsurpassed high and soaring price, are leaving citizens disheartened and concerned about their future in our country.
On 9 August 1956, over 20,000 women of all races and ages from every corner of South Africa marched together towards the Union Buildings in Pretoria. These brave women were marching in protest against the pass laws that proposed even further restrictions on the movements of women.
A plethora of corporate governance codes has been written across the world, and in spite of their recommendations which inter alia seek to protect stakeholder interests and shareholder value, many governance failures and organisational collapses continue seemingly unabated.