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
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Source: City_Press - 🏆 7. / 72 Read more »