LETTER: Chairs must learn their roles

Reuel Khoza and Elias Masilela both need a lesson in their role as chairs of Discovery Bank and Sanlam, respectively.

They have to act in the best interests of all stakeholders — customers, shareholders and society at large. In this context, growth of the economy is paramount, so it follows that the boards of these companies should be speaking out against all unconstitutional legislation and specifically that motivated by the economy-killing National Democratic Revolution (NDR).

For Khoza to be pontificating about the lack of black billionaires and Masilela about resistance to BEE respectively, shows a complete disregard for the unemployed.

Regardless of whether their statements were made in their capacity as chairs or not, they are not acting in the best interests of the companies they chair.

The boards of these companies should consider their positions on this matter.

The appalling policy of apartheid has visited immeasurable harm on black South Africans.

However, we are now in 2023 in a global economy and we need to compete. Our greatest assets are our people, yet ANC policy has seen the export of the very people who have the knowledge, experience and ability to create wealth for the benefit of all.

What an own goal! To men of this calibre, it should be abundantly obvious how much of the problem BEE legislation has been in destroying the economy. It has caused a flight of much needed skills and capital, created a culture of entitlement and easy money or corruption.

Cadre deployment, in the name of BEE, has seen the hollowing out of state-owned enterprises and state institutions to the extreme detriment of our nation. Their underlying assumption that white business leaders are in their roles because of apartheid alone, is fundamentally flawed.

Mr Khoza and Mr Masilela and your fellow travellers: focus on the real exam question and that is how to rebuild a functioning state and to support a rapidly growing economy and consequent tax base, so that the unemployed have real hope.

Ask any unemployed person if they give a damn about who owns the business — you know full well what the answer will be.

The NDR is not some noble venture aimed at reversing history. It is based on outdated communist ideology that has failed, as evidenced not least by the standard of living enjoyed by those countries that have embraced democracy and capitalism.

Continued pursuit of it will condemn many generations of South Africans to poverty.

I invite you to be part of the solution and not part of the problem.

Miles Japhet
Via email

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