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Eskom wins corporate governance award

Jun 19 2013 08:35
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Johannesburg - The state owned power utility Eskom has won the audit firm Nkonki's award for integrated reporting by state owned companies for the second year in succession.

Transnet and the aerospace and defence technology company Denel took second and third place respectively.

Integrated reporting is a new tradition of corporate reporting, aimed at revealing the degree of convergence of an organisation’s corporate strategy, governance and financial performance with the social, environmental and economic context in which it operates.

The results, which were conducted for the 2012 financial year, show that on average, state owned companies achieved a score of below 50% in 9 out of 17 disclosure requirements.

The requirements include ethical leadership, independence of the board of directors, audit committees, internal auditing, governance of risk, compliance with laws, codes, rules, standards of stakeholder relationships, sustainability and integrated reporting philosophy.

“Nkonki believes that as worthy winners and in many cases class leaders in the sustainability and integrated reporting fields, the winners now have the responsibility of being role models for other state owned companies," said Nkonki's chairperson, Mzi Nkonki.

"Listed companies can also learn a lot from their standards of reporting and disclosure."

Nkonki says there are, however, signs that all other state owned enterprises are striving towards better reporting and quite a number of those that are not in the top three, have excelled in one or more aspects of the disclosure requirements of integrated reporting.

Among the winners of specific requirement categories, are the South African Nuclear Energy Corporation (first on audit committees) and the South African Post Office (first on governing stakeholder relationships).

 

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denel  |  eskom  |  auditing
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