We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

It is hard to know why Sipho Pityana so desperately wanted to be chair of Absa, or what he aims to achieve by taking the banking regulator, and the bank itself, to court because someone else got the job. But when the lead independent director of SA’s third-largest bank takes the banking regulator to court, it can’t be good for the bank, or the sector, or indeed for SA.

Banks are different. That is why the process by which their directors and key executives are appointed is different from that of most companies, requiring the approval of the banking regulator. They are the custodians of other people’s money — our money. And the regulator is the custodian of the banking system itself, whose stability and soundness is crucial to the economy’s ability to function...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.