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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

The term ‘business strategy’ is well-used in a business context, however, it is often misunderstood and not applied in an effective manner. Simply put, a business strategy refers to the game plan that the owners and managers of a business uses to position themselves in the market, to conduct business operations, to attract and satisfy clients, to compete successfully in its chosen marketplace and to achieve its stated business objectives (Thomson and Strikland, 2003).  In a nutshell, a business strategy focuses on the way in which a business gets from where it is to where it wants to be; the process involves identifying the right choices that must be made to overcome the challenges and difficulties along the way. 

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