Avior ESG,EOH,MTN,Resilient, Steinhoff | Corporate Governance in SA - A Game of Thrones
A number of destructive events in SA's recent corporate history could be attributed to failures in corporate governance. In spite of a world class framework, as formalised by the King Codes on Corporate Governance, local companies continue to test the boundaries of best practice. In this report we assess recent governance failures, and attempt to draw conclusions around the shortcomings that may have given rise to such value destruction.In our view, one of the key themes to emerge in the wake of the Steinhoff saga will be the renewed lens through which to test board independence and executive accountability. We maintain that complex and acquisitive business models demand structures that ensure rigorous and impartial oversight. Cross-directorships have the ability to unduly stretch directors, and in this report we attempt to capture those individuals and boards we feel may be overly stretched.
EOH Holdings is engaged in the provision of business and technology services. Co. develops business and information technology strategies, supplies and implements services and manages enterprise-wide business systems and processes for medium to larger clients. Co. operates within three segments: Infrastructure, which is engage in the sale of infrastructure products; software, which includes new software sales and maintenance; and services, which is engaged in the provision of services including consulting, systems implementation and integration and managed services. Co. operates in South Africa, Africa and the U.K.
MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.
Resilient Property Income Fund is engaged in property investment in South Africa. Co. operates through the following business segments: Corporate, Retail, Industrial and Commercial.
Steinhoff International is an integrated retailer based in the Netherlands. Co. is engaged in the manufacturing, sourcing and retailing of clothing, footwear, personal accessories, cellular products, selected financial services, furniture, household goods, appliances, home accessories, consumer electronics and technology products, building materials and DIY projects and general merchandise in Europe, Australasia, the United States and Africa. Co.'s big box format stores provide a one-stop shop solution to household and homeware goods shopping where customers can buy anything for their home, from flooring solutions, full kitchen installations, furniture to final decoration and accessories.
Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.
Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.
Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.
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