JSE ponders strengthening regulatory requirements amid Steinhoff debacle
The JSE is looking into whether it needs to strengthen regulatory requirements of listed companies in light of the Steinhoff debacle, its CEO Nicky Newton-King said on Wednesday. She told members of four parliamentary committees during a hearing on Steinhoff that the moment was appropriate to examine whether refinements were needed, particularly with regard to corporate governance. This could range from a requirement for companies to consider — without prescription — strengthening the diversity of their boards of directors, to the role of boards in oversight. In this regard, the JSE could, perhaps, give guidance on the types of questions that boards should ask of management to ensure robust oversight. Also under the spotlight could be the role of pension fund trustees and big shareholders, and whether the JSE should be a lot more prescriptive about shareholders having the right to appoint board members rather than being dependent on a slate of board members, as proposed by the board...
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