Political board appointments ‘corrupt’

BUSINESS Leadership SA chairman Bobby Godsell said it was corrupt of companies to make board appointments on the basis of their political reach.

‘Hiring people to a board because of their political connections is corruption,’ he said in response to questions at a Finweek business breakfast, where Godsell spoke on South Africa’s prospects in 2011.’The problems with political corruption starts when individuals seek influence, but I would like to see it addressed in the business arena first. It should be stopped.’The minerals and energy department had embarked on the conversion of privately-held mineral rights to state ownership, a process involving the issue of some 150 000 mining licences. More staff should be hired to complete this big job, he said.Commenting on the debate around nationalisation of South Africa’s mineral resources, he said he wasn’t ‘fussed’ about ownership, but felt effective management was more important.He claimed not to be interested in who owned South African Airways, but in whether its website worked properly.He noted that the rise of the debate had occurred at the height of the financial crisis, a development that had imperilled empowerment transactions in South Africa’s mining industry, where business terms were based on share prices and company performance.’That sounds like a bit of a bailout,’ he said of nationalisation as a topic of interest in the country.Godsell was formerly CEO of AngloGold Ashanti, a director at Anglo American, and chairman of power utility Eskom.-Nampa-Sapa

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.

The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.