• Latest
Min. Gigaba pledges to stave off third downgrade, met with Moody’s

Malusi Gigaba: Corporates maintain high standard

December 8, 2017
Flutterwave frozen in Kenya over money laundering claims

Flutterwave frozen in Kenya over money laundering claims

July 11, 2022
2 Cape Town officers in Philippi die in hospital

Random Gunmen kill 19 people in Soweto tarven

July 11, 2022
Rapper Itumeleng George Tladi, passes on at 26

Rapper Itumeleng George Tladi, passes on at 26

July 10, 2022
SA turning the corner on energy

Eskom plans to downgrade load shedding

July 10, 2022
Nigerian, Olatunji Samson Abdul sentenced to 8yrs for fraud

Nigerian, Olatunji Samson Abdul sentenced to 8yrs for fraud

July 10, 2022
WHO calls emergency meeting as monkeypox cases rise

WHO calls emergency meeting as monkeypox cases rise

July 8, 2022
Zikalala wants ingonyama trust land resident to have greater economic benefits

Social compacts rolled out to all KZN districts

July 8, 2022
Condolences for slain former Japan Prime Minister Shinzo Abe

Condolences for slain former Japan Prime Minister Shinzo Abe

July 8, 2022
Justice for slained off duty cop in Eldorado Park

Criminal cop faces disciplinary action for serious crimes

July 8, 2022
1976 heroes remembered on youth day

Young academics urged to participate in innovations research

June 16, 2022
Arrested Beedel Construction Nigeria CEO, a ConArtist

Arrested Beedel Construction Nigeria CEO, a ConArtist

June 15, 2022
NATJOINTS on safety during National Shutdown

NATJOINTS on safety during National Shutdown

June 9, 2022
  • About Us
  • Advertising
  • Contact
Sunday, August 14, 2022
Townpress Newspaper
No Result
View All Result
  • Login
  • News
    2 Cape Town officers in Philippi die in hospital

    Random Gunmen kill 19 people in Soweto tarven

    Rapper Itumeleng George Tladi, passes on at 26

    Rapper Itumeleng George Tladi, passes on at 26

    SA turning the corner on energy

    Eskom plans to downgrade load shedding

    Nigerian, Olatunji Samson Abdul sentenced to 8yrs for fraud

    Nigerian, Olatunji Samson Abdul sentenced to 8yrs for fraud

    WHO calls emergency meeting as monkeypox cases rise

    WHO calls emergency meeting as monkeypox cases rise

    Zikalala wants ingonyama trust land resident to have greater economic benefits

    Social compacts rolled out to all KZN districts

    Trending Tags

    • community
    • #freejacobzuma
    • africa
  • Africa
  • World
  • Opinions
  • Economies
  • Entertainment
  • Sport
  • People
  • Motoring
  • Videos
  • News
    2 Cape Town officers in Philippi die in hospital

    Random Gunmen kill 19 people in Soweto tarven

    Rapper Itumeleng George Tladi, passes on at 26

    Rapper Itumeleng George Tladi, passes on at 26

    SA turning the corner on energy

    Eskom plans to downgrade load shedding

    Nigerian, Olatunji Samson Abdul sentenced to 8yrs for fraud

    Nigerian, Olatunji Samson Abdul sentenced to 8yrs for fraud

    WHO calls emergency meeting as monkeypox cases rise

    WHO calls emergency meeting as monkeypox cases rise

    Zikalala wants ingonyama trust land resident to have greater economic benefits

    Social compacts rolled out to all KZN districts

    Trending Tags

    • community
    • #freejacobzuma
    • africa
  • Africa
  • World
  • Opinions
  • Economies
  • Entertainment
  • Sport
  • People
  • Motoring
  • Videos
No Result
View All Result
Townpress. Newspaper
No Result
View All Result
Home General news General

Malusi Gigaba: Corporates maintain high standard

Town Press by Town Press
December 8, 2017
in General
Reading Time: 2 mins read
0
Min. Gigaba pledges to stave off third downgrade, met with Moody’s
Share on FacebookShare on Twitter

Finance Minister Malusi Gigaba has called on corporates to maintain a high standard of good corporate governance following revelations of accounting irregularities at Steinhoff International.

“The Minister wishes to reiterate his call on all South African corporations to maintain the highest practices of corporate good governance, reflecting that South Africans have entrusted them with their pension savings,” said the Ministry of Finance on Thursday.

READ ALSO

No casualties in Steve Biko Academic Hospital fire

SANDF refutes claims it employs child soldiers

The Minister’s comments come as shares of retail holding company Steinhoff International crashed this week. This followed reports of accounting irregularities.

The Ministry of Finance said that as a listed company on the Johannesburg Stock Exchange (with its primary listing on the Frankfurt Stock Exchange), investors rightly expect the highest degree of honesty and integrity in the financial statements and reports of companies such as Steinhoff, to protect investors from market abuse and manipulation.

Minister Gigaba announced that he supports the decision by the Financial Services Board (FSB) to institute an independent investigation into Steinhoff.

“As the regulator for capital markets in South Africa, the Minster supports the decision by the Financial Services Board, which it has conveyed to the National Treasury, that it has instituted an independent investigation into possible false and misleading reports in terms of section 81 of the Financial Markets Act, as well as any related abuses; this is over and above an internal investigation by the JSE to probe the extent of the accounting irregularities at Steinhoff,” said the Ministry.

Minister Gigaba expects the JSE to report its findings to the FSB.

The Ministry further added that South African legislation allows for appropriate action against any person who has not exercised his or her fiduciary responsibility to shareholders, some of whom are institutional and retirement funds.

Implications for retirements and savings

“The Minister is mindful that many retirement and savings funds may be adversely affected by the loss in the value of Steinhoff shares; therefore, members of retirement funds should be reassured that current regulations limit the extent to which any one fund may be invested in any one company.”

The Minister has requested the retirement funds regulator at the FSB, Public Investment Corporation (PIC), the Government Employees Pension Fund (GEPF) to provide him with a report on the extent of exposure for retirement funds.

“The Minister expects that this report will give assurance that the interests of the shareholder are protected, including retirement and savings funds. Considering the recent call for corporate South Africa to provide accurate reporting of its financials, the Minister will also have discussions with other appropriate regulators, like the Independent Regulatory Board for Auditors (IRBA), to assess any likely lapses in financial and auditing reporting,” said the Ministry.

Facebook Comments

Tags: FSBGEPFIRBAJSEMinister Malusi GigabaNational TreasuryPIC
Previous Post

Nuclear power expansion still on: Mahlobo

Next Post

CR7 pips Messi for a fifth time

Related News

No casualties in Steve Biko Academic Hospital fire
General

No casualties in Steve Biko Academic Hospital fire

May 30, 2022
SANDF refutes claims it employs child soldiers
General

SANDF refutes claims it employs child soldiers

February 7, 2022
Republican Glenn Youngkin is Virginia’s new governor
General

Republican Glenn Youngkin is Virginia’s new governor

November 3, 2021
Next Post
Real and Atletico keep the pressure on Liga leaders

CR7 pips Messi for a fifth time

Please login to join discussion
Currently Playing

Stolen tyres paraded as bargain deal online

Stolen tyres paraded as bargain deal online

Stolen tyres paraded as bargain deal online

Business
Watch Naledi Manyoni throw baby to safety #freejacobzuma

Watch Naledi Manyoni throw baby to safety #freejacobzuma

Community
IEC raises complaint with Bidvest-Lithotech over Indelible Ink

IEC raises complaint with Bidvest-Lithotech over Indelible Ink

Community
Mthethwa ‘absolutely horrified’ after Babes Wodumo assault video

Mthethwa ‘absolutely horrified’ after Babes Wodumo assault video

Community
Alph Lukau “raising the dead” is a fraud

Alph Lukau “raising the dead” is a fraud

Community
Moozlie says “its just a campaign” and no crash

Moozlie says “its just a campaign” and no crash

Community
Moozlie Mabena involved in a “live video” crash #Moozlie

Moozlie Mabena involved in a “live video” crash #Moozlie

Community

Police hunt suspects who shot dead Welkom man in parking lot

Community
First Human Clinical Trial of HIV Drug Gammora Offers Potential Cure

First Human Clinical Trial of HIV Drug Gammora Offers Potential Cure

General
Madonsela praises Zuma for new approach on Nkandla

Madonsela speaks on land expropriation without compensation

Community
De Lille vows to fight accusers all the way

De Lille likens DA battle to boxing match

Community
Kaizer fans rampage at Moses Mabhida is Shameful

Kaizer fans rampage at Moses Mabhida is Shameful

Community

POPULAR NEWS

Live mortars found in Eastern Cape dam

Live mortars found in Eastern Cape dam

October 14, 2019
Africa agrees to giant trade bloc, but Nigeria, South Africa sit it out

Africa agrees to giant trade bloc, but Nigeria, South Africa sit it out

March 21, 2018
Upskilling public servants to improve service delivery

Upskilling public servants to improve service delivery

October 17, 2017
Just In: Faith Nketsi allegedly prostituting ladies for cash

Just In: Faith Nketsi allegedly prostituting ladies for cash

May 19, 2018
Media 24 an Epitome of Poor Journalism – SAMWU

Media 24 an Epitome of Poor Journalism – SAMWU

May 16, 2018

EDITOR'S PICK

Big quake in Afghanistan and Pakistan kills over 200

Big quake in Afghanistan and Pakistan kills over 200

April 18, 2016
Angolan citizens in South Africa, granted Exemption Permit status

Angolan citizens in South Africa, granted Exemption Permit status

August 6, 2021
Azapo reiterates call for land expropriation without compensation

Azapo reiterates call for land expropriation without compensation

April 28, 2018
White House vows to fight media ‘tooth and nail’ over Trump coverage

Trump’s travel ban go into full effect

December 5, 2017
Townpress Newspaper

At Town Press, we believe everyone who has a story to share, deserve to be heard. Town Press is a current affairs publication that encourages citizens' journalism, as a way to create access for communities to the media.

Follow us

.

  • Africa
  • AU
  • Business
  • Community
  • Coronavirus
  • Crime stats
  • Culture
  • Economies
  • Editor Picks
  • Education
  • Entertaiment
  • Events
  • Featured
  • Finance
  • General
  • General news
  • International
  • Lifestyle and Beauty
  • Markets
  • Media
  • Motoring
  • notices
  • Opinions
  • People
  • Pictures
  • Premium
  • Public Statement
  • Right now
  • Social Media
  • Sport
  • Technology
  • Tourism
  • UN
  • Weather
  • World

.

  • Flutterwave frozen in Kenya over money laundering claims
  • Random Gunmen kill 19 people in Soweto tarven
  • Rapper Itumeleng George Tladi, passes on at 26
  • Eskom plans to downgrade load shedding
  • Terms and conditions
  • Comments Policy
  • Cookie Policy (ZA)
  • Notices

© 2021 Townpress Newspaper, South Africa - Townpress logo & associated media rights are the intellectual property of Randworth,SA.

No Result
View All Result
  • News
  • Africa
  • World
  • Opinions
  • Economies
  • Entertainment
  • Sport
  • People
  • Motoring
  • Videos

© 2021 Townpress Newspaper, South Africa - Townpress logo & associated media rights are the intellectual property of Randworth,SA.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Manage Cookie Consent
We use cookies to optimize our website and our service.
Functional Always active
Preferences
Statistics
Marketing
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}
Go to mobile version