With more than R3-trillion invested in the JSE’s debt capital market, there’s no question that investors such as Futuregrowth would demand stiffer protection rules.
Until this week, disclosure rules governing companies with listed debt instruments were far from adequate in ensuring that investors have access to critical information. However, it would be naive to expect the new debt listing rules, which had been in the making since 2017, would put an end to corruption in the SOEs. But what it should do is to give investors a bigger window into the companies they’re considering funding in exchange for fixed return.
Under the new rules, investors will now be able to demand disclosures on how state-owned companies treat political heavyweights such as a president or leader of a political party. In addition, SOEs will be obliged to craft and disclose policies on loans and tenders where related parties are involved.
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