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Corporate governance index reaches record lows

Publish date: 16 November 2018
Issue Number: 8
Diary: CompliNEWS Ethics
Category: General

Less than half of audit executives surveyed in a new report believe ethics is integral in the workplace. That, notes a Fin24 report, is according to the Institute of Internal Auditors SA whose Corporate Governance Index report revealed that the overall ranking of ethics, compliance and assurance dropped 6.6% compared to 2017. South Africa  has seen a dip in corporate governance to the lowest overall scoring since the index's inception in 2013. The report surveyed 302 chief audit executives in the public and private sector, in conjunction with the University of South Africa.

Full Fin24 report

Business Day also covered the story and noted that the study comes in the wake of corporate scandals that have hit South Africa in the past year. Unsurprisingly, ethics and audit assurance were two components of corporate governance that registered the biggest declines. The other areas the index measured include compliance, leadership, performance and risk. Only 48% of the country’s chief audit executives said ethics form an integral part of their organisations.

Full Business Day article

Working Smart

By Lee Rossini

Corporate Social Responsibility (CSR) refers to a company's commitment to manage its operations in an ethical, sustainable and socially conscious way. It involves going beyond the pursuit of profits to consider the impact of business decisions on people, the environment and society at large. CSR can cover a broad range of activities, from reducing carbon emissions, reducing unnecessary waste and ethical labour practices to community engagement and transparent governance. While CSR is often associated with large multinational corporations, its principles are just as relevant – and increasingly expected – in small businesses, including financial advice businesses.

CPD

Subscribers are reminded that they can complete monthly CPD quizzes and claim CPD hours before the 31 May 2025 deadline. View the CPD FAQs for more on accessing the CPD quizzes.

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