The JSE is hoping the "guardians of governance", or GOGs — the boards of directors, asset managers, pension fund trustees, analysts and auditors — will weigh in and help to strengthen governance and investor confidence and trust. Good luck with that. With the exception of the pension fund trustees, all the GOGs identified by the JSE are in the frame for, at least, accommodating the R200bn-plus value destruction at Steinhoff. In time we might even get around to tracking down details of the pension fund trustees’ role in this mess. For now there seem to be bigger fish to fry. The reality is that the JSE is run like a club. It relies on the goodwill of its members, and a reasonable degree of adherence to the rules, to ensure a level of trust that will keep everything running smoothly. The ability to use punishment, other than a modest fine or censure, to encourage good behaviour is not available. There has been only one successful, albeit modest, prosecution of an insider trading case ...

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