Finally, there may just be some accountability for misbehaving directors. Recently, two former directors of Ayo Technology Solutions were banned from serving as directors of any JSE-listed company, and six former Tongaat executives were in court on charges of fraud. It’s encouraging — but the gap remains enormous between the reality of corporate accountability and where we ought to be.
This isn’t always so, however. There was certainly no inertia when environmentalists and communities on the Wild Coast obtained an interdict prohibiting Shell from carrying out its seismic survey, for example. There is no legal requirement for such disclosure, but the thinking is that stakeholders should be aware of corporate activities that interfere with a just transition to a low-carbon economy.
But while these are"push" factors, there’s also the"pull" factor: the willingness of companies and directors to account to investors, customers and their communities. Transparency, here, is the barometer. I am sure companies will point to their public reports as proof that they are transparent, but disclosure is only a tentative first step towards accountability.
ansieramalho Well, there is no government accountability, so why should business bother..?