JSE cracks down on sloppy directors
The regulator has given notice that a close watch is being kept on directors, particularly those sitting on the audit and risk committees of listed companies
A chill must have run down the spines of several current and former directors of JSE-listed companies at the JSE’s unprecedented decision to slap a five-year ban on two former directors of Ayo Technologies.For former Steinhoff directors Steve Booysen and Len Konar it was a reminder that the recently finalised settlement deal with the group’s creditors might not guarantee that they would not be held to some account.Similarly, former Tongaat directors Jenitha John, Stephen Beesley, Fatima Jakoet and Rachel Kupara will have read the JSE’s Sens announcement with some dismay. Likewise former EOH directors Rob Sporen, Lucky Khumalo and Tshilidzi Marwala.Essentially the JSE has given notice that directors, in particular the nonexecutive directors on the audit and risk committees of listed companies, are being watched closely.This is why it is important to note the details of the Ayo case.Mbuso Khoza and Telang Ntsasa, directors of controversy-plagued Ayo at the time of its listing in Decem...
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