reported on Monday that Pityana claims that the informal process “circumvented procedures set out in the Banks Act” and culminated in board chair Wendy Lucas-Bull being informally told by Naidoo that he would not support his nomination.
While it is the responsibility of the board of directors of a bank to nominate a shortlist of two for the chair post, the PA must determine if the candidate is “fit and proper” and whether the appointment is in the public interest. The informal interaction ultimately resulted in the board declining to formally nominate him, says Pityana. However, at the same time it affirmed him as lead independent director, an indication, says Pityana, that it retained its trust in him, BusinessLIVE reported.
Pityana also charged that the process had damaged his reputation and was defamatory “as it implies that he is not fit and proper” or his appointment would not be “in the public interest”. According to Pityana, Naidoo made the Absa board aware of a sexual harassment allegation against Pityana, which the latter said had been brought to Naidoo’s attention by Ramos. The allegation dates back to 2020 when both Pityana and Ramos served on the board of AngloGold Ashanti. At the time, the two were on opposite sides of a divide over various strategic issues, including the offshore listing of the company. Pityana denies the sexual allegations.
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Black Business Council wants to meet Kuben Naidoo over Pityana allegationsProminent business leader Sipho Pityana filed papers this week asking the high court to declare that the Prudential Authority acted unlawfully in blocking his appointment as chair of Absa.
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Black Business Council steers course between regulator and Sipho PityanaCouncil has concerns about claims of interference by the Prudential Authority
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Black Business Council wants explanation on regulator’s ‘interference’Sipho Pityana dropped a bombshell on Monday when he accused the Prudential Authority of unlawfully blocking his appointment as chair of Absa
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