COMPANY COMMENT
Pepkor tardy in acting over governance after Steinhoff debacle
Almost a year after ‘accounting irregularities’ were flagged by the board it is evident the damage affected other companies
What a curse Steinhoff has been. Almost 12 months after “accounting irregularities” were flagged by the board it is evident the damage was not confined to Steinhoff and its shareholders. So, it’s difficult not to feel some sympathy for the management of companies such as KAP and Pepkor, who are still suffering from collateral damage. The two groups are now required not only to deal with tough trading conditions but also the near-constant distraction created by Steinhoff-related matters. All things considered, you would think governance issues feature among the management’s top priorities. But for some reason that doesn’t seem to have been the case at Pepkor, which has only recently formed its own social and ethics committee (SEC). The SEC is one of just two board committees required by the Companies Act and by the JSE’s listings requirements, so it is difficult to understand why Pepkor has only now got around to putting one in place. There should have been one in place in September ...
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