Many South African companies view corporate governance as an impediment, says Philip Armstrong, newly appointed head of the global corporate governance forum of the World Bank.
“However, as companies are the very entities that are responsible for managing other people’s money, they should have some measure of accountability,” he says.
“It is about how they are spending it and for what purpose they are spending it. It is the shareholders’ right to know. But not enough shareholders are asking questions,” Armstrong says.
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