Dr Reuel J. Khoza on leadership and democracy
By Fiona Wakelin & Koketso Mamabolo Archimedes said if you give him a big enough lever he could lift the earth. It’s all about leverage. If you find the right point, and the right lever, you can move anything. And with the help of others, to paraphrase the old saying, you can move even more. Throughout his life, Dr Reuel J. Khoza, one of the South African business world’s most erudite thinkers and respected entrepreneurs, seems to have found the right lever when he needed it. A brilliant student turned inspiring teacher who found a home in the corporate world, one he has furnished with passion and academic rigor, Dr Khoza is fluent in several languages but is most adept at an old language which goes beyond words: the language of family, kinship, camaraderie, ubuntu. He’s an Africanist and a prolific writer with a career that is an incredible feat of alchemy, combining high ethical standards, business acumen and a work ethic refined through mission-school education and the guidance of his evangelist father. He’s not just a moral authority but a technical one too, having served as Mervyn King’s deputy for the drafting of the King III and King IV reports, setting the framework for corporate governance in South Africa. If integrity was a person, they would be farming avocadoes, macadamia nuts and pears, making music as a labour of love, like Dr Khoza, a man who holds kinship dearly, a custodian of eternal values. An activist teacher in the C-suite Beginning with an undergraduate degree in psychology, Dr Khoza’s academic record and abilities as a teacher propelled him to a faculty position just as South African student politics were about to reach a fever pitch. It’s not surprising that such a man, whose overarching philosophy has its foundations in a collectivist mindset, which naturally provides an ideological framework for human rights, found himself crafting poems and lyrics which gave life to the students’ moral cause. University management took exception and so ended Dr Khoza’s first pedagogical journey, in 1974. He joined Unilever, spending four years as marketing assistant and product manager, before obtaining a scholarship from Shell Oil South Africa to pursue his Master’s in marketing in the United Kingdom. After working for the multinational, upon his return to South Africa, he decided to venture out alone in the business world, a brave and risky decision in a time when the efforts of black entrepreneurs were stifled by a system working against them, an atmosphere which motivated him to join the Black Management Forum. He brought his collectivist spirit with him into his marketing and management consultancy, looking deeply into ubuntu and applying it to corporate culture and leaders. What follows is a career that would be the envy of any business professional. Dr Khoza has chaired the boards of Nedbank, Assupol, the Private Investment Corporation, and chaired during the Eskom the Mandela and Mbeki administrations, and was president of the Institute of Directors Southern Africa in 2001. He is currently the chair of Dzana Investments, a private equity firm run by Nkateko Khoza, his eldest daughter, which invests mainly in the technology sector. He has also served on the board of directors of the Johannesburg Stock Exchange, Standard Bank, IBM South Africa, Old Mutual, Liberty Life Group and Nampak, with the list continuing to grow. Read the full story in the 24th edition of Impumelelo: Top Empowerment and find out why Dr Khoza believes a great leader is like a conductor and why he has no choice but to hope for a better future for South Africa.
AI-powered corporate governance: Technology’s trailblazing role
“As a qualified lawyer and the Head of Business Development at a technology company specialising in AI-powered legal tech solutions, I have witnessed first-hand how technology has influenced this aspect of business. “
The ESG balancing act
By Topco Marketing Achieving balance across the three pillars of ESG (Environmental, Social, and Governance) is a complex challenge that many organisations face. Implementing an ESG strategy can be daunting, especially when considering the various hurdles that must be overcome. There are several reasons why ESG implementation can be difficult: According to a LinkedIn survey conducted by Kaizen Institute in 2024, 40% of respondents prioritise the Environmental Pillar of ESG, often overshadowing social and governance aspects. To achieve true balance, organisations must adopt a holistic approach that integrates sustainability into every aspect of the business. So, how can organisations overcome common ESG challenges and achieve success? Despite these challenges, there are several strategies that businesses can employ to overcome them: Join the conversation The Future of Sustainability Conference hosted at Emperors Palace in Johannesburg, is a must-attend event for professionals and stakeholders across industries focused on sustainability, innovation, and transformation. Set to take place on 26 and 27 March 2025, the event promises to foster rich dialogue, inspire actionable insights, and spark collaborations that will shape the future of Africa’s sustainable development. Join us to learn how to: The Future of Sustainability conference: Where connections meet innovation Our conference is the perfect platform to connect with organisations and individuals who share your passion for sustainability. Join us to: Top speakers to watch We are proud to announce an exceptional lineup of keynote speakers and panellists, each with unique expertise and a shared vision for Africa’s sustainable future: Key topics and panel discussions This year’s conference will feature high-impact panel discussions tackling the most critical issues surrounding Africa’s sustainability journey. Expect thought-provoking conversations on: Have a look at the programme here and the event fact sheet here. Thank you to our gold partner, Heineken Beverages South Africa; our premium digital partner, iME; our silver partner, Old Mutual Insure; our bronze partners, Nestlé, Nespresso, Dell Technologies/Intel and Isanti Glass; and our showcase counter partner, AECI. A special thank you to our knowledge partner, The Carbon Trust, and strategic partners: UN Global Compact Network South Africa, Good Governance Africa, GreenCape, and Primedia Out of Home. Don’t let ESG scare you! Partnering and collaborating with other organisations might be your solution. 🌱 Register now Secure your spot at the Future of Sustainability Conference and start driving ESG success through effective communication, collaboration, and connection. Ticket link: https://qkt.io/FOS2025 For more information go to the Future of Sustainability website Invoices are available upon request from marketing@topco.co.za
The Future of Sustainability Conference 2025: The countdown begins!
Cape Town, 13 March 2025 As the world accelerates toward a more sustainable future, the Future of Sustainability Conference 2025 is set to take centre stage in just two weeks! With a continuous mission to drive impactful change, this year’s conference will bring together some of the most influential thought leaders in the realm of sustainability to tackle Africa’s most pressing environmental and economic challenges. The Future of Sustainability Conference, hosted at Emperors Palace in Johannesburg, is a must-attend event for professionals and stakeholders across industries focused on sustainability, innovation, and transformation. Set to take place on 26-27 March 2025, the event promises to foster rich dialogue, inspire actionable insights, and spark collaborations that will shape the future of Africa’s sustainable development. Top speakers to watch We are proud to announce an exceptional lineup of keynote speakers and panellists, each with unique expertise and a shared vision for Africa’s sustainable future: Key topics & panel discussions This year’s conference will feature high-impact panel discussions tackling the most critical issues surrounding Africa’s sustainability journey. Expect thought-provoking conversations on: Have a look at the programme here and the event factsheet here. Why you should attend The Future of Sustainability Conference 2025 is an unparalleled opportunity to engage with global and local leaders, participate in groundbreaking conversations, and collaborate on solutions that will shape the future of Africa’s sustainable economy. Whether you are in business, government, or the NGO sector, this conference will provide you with the insights, tools, and connections you need to lead the charge toward a more sustainable world. At the heart of Topco Media conferences is networking and you are sure to leave with new business contacts. Thank you to our gold partner, HEINEKEN Beverages South Africa; our premium digital partner, iME; our silver partner, Old Mutual Insure; our bronze partners, Nestlé, Nespresso, Dell Technologies / Intel and Isanti Glass; and our showcase counter partner, AECI. A special thank you to our knowledge partner, The Carbon Trust, and strategic partners: UN Global Compact Network South Africa, Good Governance Africa, GreenCape, and Primedia Out of Home. Secure your spot today! The Future of Sustainability Conference 2025 is only two weeks away, with limited tickets still available. Don’t miss out on this transformative event that will help define the next chapter of Africa’s sustainability journey. Book your ticket on Quicket. Join us at The Future of Sustainability Conference 2025 and be part of the movement driving Africa’s sustainable future! For more information, please contact:Thabiso M. Mohlabengthabiso.mohlabeng@futureofsustainability.co.za
Taking South Africa’s agenda to the world: B20 South Africa kicks off in Cape Town
By Koketso Mamabolo The economy reigns supreme and the 2008 financial crisis triggered a response from the developed and developing world which has sought to mount collective responses to the world’s economic and financial challenges. Representing two-thirds of the world’s population, 85% of the world’s GDP, and over 75% of international trade, the G20 group of countries is a global forum which brings together decision-makers as they discuss issues, share information, draft the policies which seek to maintain order, formulate approaches to stimulate inclusive growth and avoid the kind of crisis the world witnessed almost two decades ago. Along with the dialogue between heads of state, finance ministers and diplomats is a forum which provides a platform for a vital cog in any economy: the business community. The Business 20 (B20) has, since 2010, brought together business leaders from both non-G20 and G20 member states for an opportunity to present their views on how we can solve global economic problems. The South African government – led by the Presidency, cabinet’s economic cluster and Dirco – is the host of this year’s G20 summit and comprehensive programmes of meetings of working groups have already begun. The private sector host of B20 South Africa is Business Unity South Africa (BUSA) which, on the domestic front, has been building a relationship with President Cyril Ramaphosa’s administration that has seen the public and private sector collaborating to address the country’s priorities, such as the energy and logistics crises, which has proved fruitful. Together with Business Leadership South Africa (BLSA), BUSA hosted the summit’s launch this week in Cape Town, under the theme of “Inclusive Growth and Prosperity through Global Cooperation”, kicking off a year-long programme guided by task forces formed around eight socio-economic issues: “The B20 is an unprecedented opportunity to engage with the world and build our relationships while plugging into the wider G20 agenda to project South Africa’s interests to the global stage,” wrote BLSA CEO Busisiwe Mavuso in her weekly newsletter leading up to the launch. “It ensures that South Africa is part of the conversation and that our contributions are recognised.” Co-chaired by Standard Bank Chairperson Nonkululeko Nyembezi and former Exxaro CEO Mxolisi Mgojo, the summit’s task forces will each engage with around 150 members, from more than twenty countries representing multiple sectors. From March to July, the task forces will develop policy papers and have engagements with G20 Working Groups, delivering and discussing the papers leading to the actual summit itself in November. Two task forces of particular significance in the local context are the employment and education task force and the trade and investment task force. The former because of the high unemployment rate and the latter because of a widespread conception of investor apathy and recent developments around tariffs sparking fears of eminent trade wars. The impact of technology and digital transformation (a task force on its own) has been felt heavily in both areas as the scale of technological innovation has led to fears of countries being left behind due to a lack of skills and investment in the digital infrastructure needed to drive the growth the world needs. “When you talk about a good job, that conjures up in my mind formal employment,” said Sanlam CEO Paul Hanratty, highlighting the role of technology-related interventions in equipping people with the productive skills and resources needed. “On this continent and in the south, the informal economy is massive and we have to pay attention to that. We have to look at the interventions that need to take place.” With the economy firmly in the spotlight, and socio-economic challenges taking on new dimensions as geopolitical tensions grow, as much attention will be on the policy recommendations of the B20 task forces as the outcomes of G20 Working Groups. Sources: B20 South Africa | G20 South Africa | Daily Maverick | IOL | BLSA | Polity
Your next big break in sustainability is waiting
By Thabiso Mohlabeng & Koketso Mamabolo To all the sustainability champions and forward-thinkers who know that the future is built together, The Future of Sustainability Conference is your gateway to meaningful connections, groundbreaking ideas, and collaborations that will shape our planet’s future. Are you ready to connect with some of the brightest, most influential figures driving us towards a greener tomorrow? Looking to scale up your sustainable impact, secure funding and form game-changing partnerships? On 26–27 March 2024, Emperor’s Palace will transform into the epicentre of sustainability innovation—and you’re invited to join the movement. The programme is packed with interactive sessions, fireside chats, and more, allowing you to position yourself in rooms where ideas turn into action—and where you’ll meet collaborators who share your vision. You will learn how companies are turning ESG goals into profit, scaling green tech, and redefining industries by solving some of sustainability’s biggest challenges. From global leaders in renewable energy and capture, to award-winning startups blazing a trail in the circular economy and ESG investment pioneers looking to fund innovative solutions. You’ll meet: Explore the list of attendees Whether you’re a seasoned sustainability pro or a rising star, this is where ideas collide and partnerships ignite. Let’s create a legacy—one connection at a time. Secure your spot—tickets are going fast! With only a few weeks left, don’t miss your chance to join this exclusive gathering. Network with purpose, gain actionable insights, and leave with a contact list full of changemakers.P.S. Early-bird pricing ends soon! Snag your ticket: https://qkt.io/FOS2025 before they’re gone—your next big opportunity awaits.
Getting the best from board diversity
By Professor Parmi Natesan If it is accepted that a board’s performance is directly linked to the performance of the organisation it governs, then the board’s composition is clearly a hugely important determinant of its effectiveness. This is particularly true now that boards are in the spotlight for the quality of the decisions they make, and also now that the business environment has become so complex, and the stakeholders that need to be satisfied are so varied. In this environment, goes the argument, the insights offered by a diverse group of directors will make for better oversight and decision-making. This makes intuitive sense, but it’s also broadly borne out by research. Now-venerable research from the Boston Consulting Group’s Henderson Institute shows that companies with more diverse leadership teams report revenue from innovation that is higher than those with below-average diversity scores (45% to 26%). The same institute also showed that diversity is linked to future growth prospects. For these reasons, as well as for fairness and moral redress, the JSE Regulations require a board diversity policy to be implemented, and King IV requires targets to be set for race and gender diversity on boards. Is it genuine? Once it’s agreed that diversity is a good thing, it’s worth taking a moment to consider what it actually looks like. And here, understandably but regrettably, there remains a tendency to take the easy way out—what I call the tick-box approach, the appearance of diversity. In South Africa, and elsewhere too, diversity typically means more women (gender diversity) and more people of colour (racial diversity). Thus we hear about a “diverse appointment” being used to refer to a female or ACI (African, ‘Coloured’ or Indian) appointee, and companies proudly list the relative numbers of each on their boards and executive teams. Greater representation of both women and people of colour is obviously a good start but, as the activist investor group Barrington Capital Group argued in a 2020 paper for the Harvard Law School Forum on Corporate Governance, demographic diversity is not the same as cognitive (or experiential, for that matter) diversity. In other words, an overemphasis on demographic criteria can rob a board of the skills, industry knowledge and experience it needs. Additionally, the point is often made that this tick-box approach means that the same old names keep cropping up on boards, which means that corporates are potentially missing out on the growing pool of ACI and female candidates who are experienced and competent to serve as directors. How are we doing? So if there is a good case for diversity, how much progress has been made? The short answer would probably be “slow but steady”. When it comes to race, according to PwC’s Non-executive directors’ Practices and fees trends report (May 2023), black Africans now almost equal the percentage of white non-executive directors (47% to 44%), with Asians (5%) and ‘Coloureds’ (4%) corresponding fairly closely to national demographics. Excluding chairs, where whites continue to dominate (58%), black Africans (45% of non-executives) and whites (46%) are neck and neck for non-executive directorship positions. As far as gender goes, females now make up 38% of non-executive positions, quite a way off their representation in the broader population, where women make up 51.1% of the total population. For a deeper dive into the progress on gender diversity, reference can be made to the Business Engage report, 2021 – Status of gender on JSE-listed boards, published last year. (This report quotes the 2021 figures, which represent an improvement as compared to the previous four years unless otherwise stated.) Several points stand out. One point is reporting and disclosure—if we can’t see what companies are doing, we can’t hold them to account. Even at this late stage, 17 of approximately 296 listed companies still don’t have their governance reporting easily available on their websites, and 41 did not report specifically on gender at board level. Only 10 listed a web address for their gender policy. There has been a big decline in the number of companies that set themselves voluntary targets for gender diversity on the board (27 as opposed to 2020’s 95). All of this is unacceptable: the JSE requires listed companies to have a policy on the promotion of diversity at board level and also states that listed companies should apply King IV, which in turn requires them to set gender targets and disclose not only the targets, but also progress against them. At the other end of the scale are the 33 companies that have appointed one woman to their boards and consider that box ticked—the “one and doners”. Twenty-seven crops up again as the total of JSE-listed companies that have achieved gender parity, with a further 20 just one appointment away from this goal. As regards female non-executive directors, the Business Engage report broadly correlates with the PwC figures quoted above. It’s interesting but disheartening to note that as regards board committees, women only achieve parity representation on the social and ethics committee. At the executive level, women have a long way to go, with only 6% of listed-company CEOs and 22% of CFOs being female. In conclusion, then, I would tend to argue that while companies are making progress in becoming more diverse, it is happening rather too slowly. Given that women are graduating in greater numbers than men, and are thought to control the majority of consumer spending, one is surely forced to conclude that the undoubted benefits of true diversity have not yet been fully recognised. Professor Parmi Natesan is the CEO of Institute of Directors in South Africa
The 55th Annual World Economic Forum (WEF) Meeting, 20 – 24 January 2025 in Davos-Klosters
By Professor Bonang Mohale Davos in Switzerland is the highest town in Europe at 1 560m situated in the mountains and as result, a very popular skiing destination precisely due to its cold weather, ice and snow at this time of the year! Yet ever since the World Economic Forum (WEF) brought its Annual Meeting to the alpine venue, the name resonates with the flagship event. The 20 – 24 January 2025 is the 55th Annual Meeting of the World Economic Forum (WEF) that has brought together nearly 3 000 leaders from over 130 countries and 350 governmental leaders, including 60 heads of states and governments, from all key regions; over 1 600 business leaders, including over 900 of the world’s top CEOs and Chairs from the WEF Members and Partners – over 120 of which are Global Innovators, Tech Pioneers and Unicorns who are transforming industries; civil society; the foremost scientific and cultural thinkers. Today, the programme contains more than 300 sessions – 200 of which are livestreamed to a global audience that aim to accelerate progress and tackle global challenges. The agenda changes every year to address the world’s most pressing issues – from pandemic preparedness and reskilling, to the state of the global economy and the energy transition. The WEF releases the Global Risks Report ahead of the Annual Meeting each January, to identify and analyse the upcoming near- and longer term critical global risks that underpin discussions. The Forum continues this work year round with a range of initiatives via its Centres. Geo-economic fragmentation, geopolitical polarisation and divisions over values continue to impact countries and communities across the world. At the same time, exponential innovation and deployment around whole sets of inter-connected technologies – from Artificial Intelligence (AI) and quantum to energy tech, biotech and health tech – offer an unprecedented opportunity to increase productivity and hence standards of living. Reviving and reimagining growth is critical to building stronger and more resilient economies. Given these powerful forces at play, three questions are guiding the conversations, namely how can we avoid an age of Fragmentation and instead work together on a can-do, people-centred agenda for an Intelligent Age; how can we reinvent the muscle of collaborative innovation to get out of the current low-growth, high-debt world economy and address common challenges from climate change to the ethical use of AI? To respond to this dynamic context, the WEF has convened leaders under the theme ‘Collaboration for the Intelligent Age’. Building on the core roles of the WEF as the International Organisation for Public Private Cooperation, it serves as a trusted global platform for dialogue and cooperation; brings together a diverse community of stakeholders; seeks to connect the dots in an era of complexity; firmly future oriented both in terms of insights and solutions and leadership in complexity to look at the necessary toolkit to navigate this fast-evolving environment. The programme is oriented around five distinct but highly interconnected thematic priorities, viz. reimagining growth; industries in the intelligent age; investment in people; safeguarding the planet and rebuilding trust. It is accessible to the wider public through livestreaming of the public sessions, complemented by the presence of media leaders and reporting press and through local engagement at the Open Forum in Davos. It brings together these leaders to set the year’s agenda for how leaders of social partners can make the world a better place for all. Its relevance as a global gathering sits within and beyond the official programme. The importance of dialogue – often happening in private conversations – reveals an ever important mission to convene leaders when ‘threats to world stability are multiplying’. Following its founding on 24 January 1971 by Professor Klaus Schwab, the European Management Symposium (EMS), as it was then known, held its first meeting in Cologny, Canton of Geneva, Switzerland. The WEF tries to embody ‘the spirit of Davos’, which is an attitude of openness and cooperation that is core to the mission of the Forum. The ‘Davos Manifesto’, created in 1973 and renewed in 2020, lays out the principles of stakeholder capitalism or a system of shared goals for businesses. Inaugural participants discussed Professor Schwab’s ‘stakeholder theory’, his vision that businesses should serve all stakeholders, rather than just shareholders, including employees, suppliers and the wider community. Today, ‘stakeholder capitalism’ is a guiding principle of the Forum. In 1973, the Annual Meeting endorsed the ‘Davos Manifesto’s “Code of Ethics for Business Leaders” which was updated in 2020 to set out the purpose of business in the Fourth Industrial Revolution – itself a concept coined by Professor Schwab in his 2016 book. Politicians were first invited to take part in the WEF, Davos in 1974 and in 1987 the EMS became the World Economic Forum, with a broadened aim to provide a platform to address the pressing issues of the day via public-private cooperation. The WEF recognises the severity of the climate crisis and does its best to lead by example and boost sustainability at Davos. Since 2017, all Davos-related carbon (CO2) emissions have been calculated and offset through environmental projects in Switzerland and abroad. It also ensures that energy consumption at Davos is limited, takes steps to reduce waste and that only renewable electricity is used for the event. These efforts include the use of repurposed event materials, the removal of single-use plastics and collaborations with local associations to distribute non-used furniture and food leftovers. Transportation remains the primary source of CO2 emissions at Davos. Therefore, it encourages attendees to travel in the most sustainable manner and offers a 100% discount for all participants in Europe who travel by train. Davos also serves as an opportunity to showcase climate research and sound the alarm on the many pressing climate-related issues. At Davos 2019, David Attenborough delivered a powerful address on the ‘new geological age’ and in 2023 the USA Climate Envoy, John Kerry called for the ‘biggest transformation, economically, since the industrial revolution.’ Aligning with the Forum’s Global Gender Gap Report,
Putting SA Inc on the map: Good governance and the impact on investor sentiment
By Professor Parmi Natesan, CEO of the Institute of Directors in South Africa (IoDSA) All eyes will be on South Africa when Johannesburg hosts the G20 Summit in November 2025, and along with it the B20. This influential business forum brings together business leaders from the Group of Twenty countries to assist heads of state in tackling global economic challenges. President Cyril Ramaphosa wants to use this global event to promote local business opportunities and attract foreign direct investment while also strengthening the position of Africa and the Global South – in short, putting SA Inc on the world map. The B20 campaign kicks off in February 2025, continuing the Global South rotating presidency from its predecessors Brazil, India and Indonesia, before being handed over to the United States in 2026. For the first time, the presidency is held by an African nation, which makes it all the more crucial to prove to investors that South Africa is a trustworthy partner in shaping the new world economic order. Fortunately, SA Inc’s preparations for the B20 come at a time when investor confidence is tentatively improving. In the first quarter after the formation of the Government of National Unity (GNU), the RMB/BER Business Confidence Index rose by three points to 38 in Q3 2024, which is the highest since Q4 2022. Now is the time for the public and private sectors to commit to strong governance – ensuring transparency, reducing operational risks, and promoting ethical conduct – to transform short-term improvements in investor confidence into long-term economic growth. Good governance is not an isolated compliance matter but a foundational element which fosters trust, resilience, and credibility in business and governments. It will take time and concerted effort to restore investor confidence after the Zondo Commission’s findings exposed the extent of governance failures and the consequences of unchecked corruption. South Africa still ranks a disappointing 41 out of 180 countries in Transparency International’s 2023 Corruption Perceptions Index. This is our lowest ever ranking, well below the global average, and again it is linked to governance – more precisely governance failures. “Corruption has eroded trust in both public and private institutions, deterring investment and stifling growth,” according to Transparency International. In 2024, the global non-government organisation called on the G20 leaders to prioritise anti-corruption measures to achieve their sustainable development goals, as it warns that corruption drains critical resources, impedes responses to health crises, and exacerbates poverty and inequality. Instead of reaffirming their resolve to fight corruption year after year, they must now bring their anti-corruption work out of its current silo and elevate it to the core of the G20 (and B20) summit. Transparency International’s arguments underline the IoDSA’s mission to develop and advance good governance as the basic foundation for SA Inc. South Africans know only too well that corruption can destroy the fabric of society, because government and corporate failures have made people cynical about the political will of our leadership to truly bring malefactors to book. Corruption is the opposite of good corporate governance (i.e. ethical and effective leadership). Curbing corruption is therefore a prerequisite for strengthening investor confidence and attracting FDI. It’s important to understand that corruption is not the same as poor corporate governance: despite being interconnected, they differ fundamentally. Corruption opposes the ethical principles that the King IV Report on Corporate Governance (King IV) advocates; it typically involves private individuals or public officials who act unethically and often illegally for their personal gain. Poor governance is not necessarily intentional as it is frequently a result of negligence, incompetence, or apathy, but similarly opposes King IV. When this manifests itself, for example as a lack of accountability and transparency in governance structures, it can lead to operational inefficiencies, financial instability, and declining economic prospects. These risks can deter investors, who are naturally drawn to environments where governance provides a robust foundation for managing risks and upholding ethical standards. Therefore, good governance that prioritises ethics and accountability, as outlined in King IV, will create a culture that inherently opposes corruption. Stronger governance standards are paramount for curbing corruption, enhancing investor trust, and positioning South Africa as a credible global business destination. But how can good governance be restored? Crucially, South Africa already has established some strong governance frameworks, notably King IV and the Companies Act, which are both recognised for advocating principles of transparency, ethical leadership, and sustainable practices. However, even the best governance codes rely on effective application to be impactful. Without consistent implementation, these structures lose their potential to uphold accountability and trust in both the private and public sectors. In the private sector, enhanced accountability mechanisms are needed, particularly around enforcing consequences for governance failures. Despite the availability of legal frameworks, there have been relatively few court findings of director delinquency, which undermines the culture of accountability in governance. Lack of oversight and accountability can harm investor relations and damage company reputations. In the public sector, a key area for improvement is ensuring that board members are appointed based on competence and moral compass, rather than political considerations. Such appointments would create an environment focused on performance and accountability, which would reduce the risks of mismanagement while fostering greater public trust. This is particularly important to improve the governance of embattled state-owned-enterprises. At the local government level, the focus needs to be on the alarming number of municipalities that are struggling with governance. According to the Auditor-General of South Africa Municipal Audit Report for 2022/23, only 34 of 257 municipalities (13%) achieved clean audits, with 20 municipalities deemed “critically dysfunctional”. Implementing stronger governance practices such as accountability measures and skills development, would improve service delivery and rebuild community trust. Further encouragement comes in the form of South Africa’s robust regulatory environment, forward-thinking governance codes, and commitment to addressing governance challenges, which make us a resilient and appealing market for investment. With the G20 summit in Johannesburg, South Africa has an opportunity to reinforce its commitment to world-class governance standards and a transparent, sustainable business