The CEO Initiative refused to meet Finance Minister Malusi Gigaba this week before his trip to the IMF/ World Bank meetings in Washington, DC after 15 months of work aimed at averting a downgrade came to nothing when the shock cabinet reshuffle led South Africa into junk status. The CEO Initiative will now meet in the next few weeks to determine what role it will play in future. According to a note circulated among CEOs after the CEO Initiative steering committee meeting on Wednesday, the steering committee is furious about the nature and timing of events that led to the sovereign credit-rating downgrade to junk at the end of March.Committee members believe they cannot continue with a "business as usual" approach. The note, which Business Times has seen, was written by a senior executive in the CEO Initiative. It said: "We need to reflect on the lessons learnt and use these to reshape the ground rules and rules of engagement with the president, members of the cabinet and government....
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