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Johannesburg - Financial woes in the public and private sector are largely due to boards of directors and auditors not following codes of conduct or ignoring them, Deputy Finance Minister Nhlanhla Nene said on Wednesday.
"Do we need more stringent governance policies? But the rules are there, they are just taken for granted and ignored," Nene told an auditors' conference in Johannesburg.
He said it was not only questionable corporate governance that was responsible for South Africa's failing economy, but also the attitude and behaviour of boards of directors in financial institutions.
"They fail to ask obvious and stupid questions."
Auditors played a vital role in this regard by being honest when reporting financial data, but also helping regulators by becoming whistleblowers and outing non-compliance.
"Do we need more stringent governance policies? But the rules are there, they are just taken for granted and ignored," Nene told an auditors' conference in Johannesburg.
He said it was not only questionable corporate governance that was responsible for South Africa's failing economy, but also the attitude and behaviour of boards of directors in financial institutions.
"They fail to ask obvious and stupid questions."
Auditors played a vital role in this regard by being honest when reporting financial data, but also helping regulators by becoming whistleblowers and outing non-compliance.
