LETTER: Many boards are rubber stamps or window-dressing
Thabi Leoka saga highlights shortcomings of those who are meant to protect shareholders
The recent saga of Thabi Leoka and her apparent misrepresentation of her qualifications served to highlight again that many company boards today exist only as a tick box for governance and window-dressing for ignorant shareholders (“The tragedy of Leoka and the lessons for corporate SA”, January 30).
This is not the first time someone had to resign in disgrace and blue-chip enterprises had to stumble over their own shoddiness to explain how they could have missed this. Too many boards are just rubber stamps for powerful executives or political window-dressing to fake transformation.
The history of boards suggests they were established with the goal of protecting citizens against exploitation by the monarchy. Unfortunately, today many boards are fuelling the exploitation of the trusting shareholder.
Institutional shareholders are obsessed about environmental impact but mum on the blatant disregard for good governance so abundantly evident in our landscape of crashed enterprises.
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