FOLLOW UP: BUSA APPROACH TO ADDRESS CORRUPTION; CEO’s MEETS FINANCE MINISTER
You may recall a story covered in last week’s edition of this newsletter where we informed members that the BUSA Board was in the process of consolidating a business approach to address the issue of corruption. Since then, BUSA has shared a draft discussion document which outlines the BUSA Approach to Integrity in Business. The draft document aims to provide guidance and direction on issues of corruption, and sets out three guiding principles for businesses in an effort to address corruption in a decisive manner. They are:
- Embed an ethical culture of accountability and good governance.
- Transparent, zero tolerance approach regarding corruption.
- A Requirement to implement processes, controls and procedures to comply with the law and enable whistleblowers to come forward.
The draft discussion document also proposes sets of recommendations to achieve each of these three guiding principles. Click here to download the discussion document.
Do we need a similar document in the travel and tourism sector? Let us know on firstname.lastname@example.org
BIG BUSINESS “CEO INITIATIVE” MEETING WITH MINISTER OF FINANCE
In the week, a delegation from the CEO Initiative Steering Committee met with the Minister of Finance, Malusi Gigaba. BUSA President Jabu Mabuza, in his capacity as convener, outlined concerns about the financial stability of SAA and Eskom. Herewith an update from the meeting
- SME Fund: Participants were informed that staff and a board were in place, with accreditation of fund managers underway. Possible partnerships with development finance institutions and banks were being explored to expand on the R1.4bn available
- Youth Employment Service scheme (YES): Plans were underway to pilot the concept this year, and implement from 2018.
- Growth: The Vaal Triangle re-industrialisation plan to reinvest and revitalise manufacturing in the area was discussed.
- Sovereign Ratings: Participants emphasised the importance of fiscal consolidation; institutional strength, an independent well-functioning revenue service; policy certainty and opportunity for pro-growth initiatives.
Minister Gigaba also spoke to the 14 confidence boosting measures, shared input on various concerns raised, and expressed an interest in working more closely with the CEO initiative and other Departments to unlock constraints. The Minister indicated that the long term intention was to significantly reduce government guarantees, and eliminate them in relation to operational expenditure. There was a mutual acceptance amongst participants of the need to capacitate SAA and Eskom Boards with the permanent and relevant skills.
In your opinion, do we have any contribution to make in these initiatives as the TBCSA?
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