JOHANNESBURG - Axed Old Mutual chief executive Peter Moyo believes he still has a lot to offer to the JSE-listed insurer despite his relationship with the board chairperson Trevor Manuel breaking down amid allegations of misconduct. “Relationships can always be re- paired,” said Moyo at the high court in Joburg last week.Moyo approached the court to challenge his dismissal claiming it was unlawful, a move that has brought South Africa’s corporate governance controls under scrutiny.
He wants Trevor Manuel and about 12 non-executive directors to be declared delinquent under Section 162 of the Companies Act.“This is a classical case to an employer who has been warned by the courts of this country in a previous case. If these people are not delinquents, no one is a delinquent. “The loss of trust and confidence are permissible reasons for dismissal and there is no entitlement to disciplinary process,” said Manjenje.
Correct the name of Old Mutual Council. Terrible
Belgique Dernières Nouvelles, Belgique Actualités
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