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Abstract - Critical Analysis of the Responsibilities of Audit Committees as Contained in King IV Report
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Abstract: The Institute of Directors of Southern Africa (IoDSA) issued King IV Report on Corporate Governance for South Africa on the 1st November 2016. As it was in the predecessor’s King Reports, it became evident that the roles of Audit Committees (ACs) are still considered to be one of the most useful and necessary governing bodies in any organisation. A plethora of literature suggest that, there are little differences, between King IV and King III reports on corporate governance, as different committees continue to function as they were functioning before. This paper is conceptual in nature and seeks to make a critical analysis on the requirements of the King IV in assisting ACs in terms of awareness, their duties and responsibilities through the use of literature review. The paper further seeks to point out the qualifications in terms of who is supposed to serve in the ACs and the responsibilities thereof. The paper uses State-Owned Enterprises (SOE's) in South Africa as units of analysis to interrogate the role their ACs ought to, particularly in the context of changes affecting organisations and their operations. The role of ACs is no different from how they operate in SOE's. The extent to which the AC should confirm satisfaction with external auditors, concerning their tenure, rotation of audit firms, rotation of partners, policies and controls concerning non-assurance services is to be dealt with. The recent failures in corporate governance in SOEs in South Africa, have left suspicion on the role played by the ACs, as they are regarded as the primary monitor of the organisational financial performance. Keywords: King IV report, King III report, Audit Committee, Governance, External Auditors. |
Abstract - The Complexities of Neo-Liberalism in Post-Apartheid South Africa
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Abstract: This article examines the contradictions and complexities of the model of development pursuit by the African National Congress (ANC) government in post-apartheid- South Africa. The article intends to shed some light on the current economic trajectory of South Africa by arguing that although there are some elements of neo-liberalism in government policies, namely: privatisation of services, inflation targeting and Public-Private Partnerships. However, the expansion of the size and the role of the South African state, are anti-neo-liberal. This is a qualitative literature assessment article; because it is based on desktop research. This article is located within the Marxism and Leninism tradition as a standpoint theory. This ontological approach is chosen owing to its meticulousness in teasing out the complexities of the capitalist mode of production. The aim of this article is to lay bare the different aspects of the mixed-bag approach of development employed by the South African government by asserting that is not simply neo-liberal in nature though to some extent it is inspired by market-friendly policies. This also indicates the gaps in the discourse with regard to the implementation of neo-liberalism in South Africa. This article contributes to the South African political economy debate by arguing that neo-liberalism has contradictions and complexities; it is not simplistic and straightforward. Keywords: Neo-liberalism, privatisation of services, market-friendly policies. |
Abstract - Blue Economy, Brics and the Challenges of Food Security in the Western Indian Ocean
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Abstract: Food security is one of the major problems that BRICS is contending with in this age of accelerated climate change and varnishing territories. Cooperation among member states of BRICS is pivotal to addressing the problems of food security. Natural resources and economic, strategic and political imperatives that some members of BRICS are sharing directly or indirectly through the Western Indian Ocean (WIO,) therefore, need academic interrogation. Before the formation of BRICS, Russia, India, China and South Africa are very active participants in the politics and strategic arrangements of the third-largest ocean (Indian Ocean) in the global system. The activities of these participants have implications for the IO’s blue economy and for food security. Employing interdependence theory of liberal school, this paper concludes that international regimes like BRICS need to articulate and implement new guidelines for sustainable exploitation of the WIO resources. In doing so, BRICS would save the ocean from overfishing perpetuated by the technologically advanced states like China as well as checkmate the ongoing plastic dumping in the ocean, which is threatening the livelihood of littoral communities. Keywords: BRICS, WIO, Food security, Blue economy, Climate change, Plastic dumping. |
Abstract - Critical Analysis of the “Duty of Care” in the Protection of the South African Environment
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Abstract: South Africa is part of the global initiative against emissions of harmful substances to the environment and the atmosphere in order to ensure maximum protection of the planet earth, its environment, the atmosphere. It is against this backdrop that there exist legislative and regulatory frameworks for accountability and sanctioning perpetrators who degrade and ravage the environment and atmosphere. It is imperative to point out that reasonable measures should be taken at all times to prevent harm from occurring to the environment and if harm cannot be reasonably avoided or stopped, there should be ways to minimize it and steps taken to rectify such harm to the environment. Therefore, the care and management of the environment is principally recognized and regulated by the National Environmental Management Act of 1998 which obligates all and sundry to exercise the duty of care for the environment by acting responsibly and sensibly (that is, every person has the duty to avoid pollution and environmental degradation). The duty of care has retrospective effect, meaning that the duty is imposed on anyone who causes, has caused or may cause significant pollution or degradation to the environment. This article highlights various environmental laws and principles and the consequences of violating the duty of care particularly by people who are ravaging the environment in the name of pursuing economic growth and development. It argues for stringent implementation and enforcement of regulatory interventions in order to bring perpetrators to account. This article is novel, significant and contributes to the body of knowledge based on the backdrop that there is no article that has delved or researched on the impact of employing duty of care to protect and preserve the planet earth for purposes of holding perpetrators to account. Keywords: Environmental harm, harmful substances, protection, redress, accountability. |
