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AN ANALYSIS of CORPORATE GOVERNANCE in STATE-OWNED ENTERPRISES (Soes) in COMPLIANCE with the KING CODE PRINCIPLES of GOOD GOVERNANCE

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AN ANALYSIS of CORPORATE GOVERNANCE in STATE-OWNED ENTERPRISES (Soes) in COMPLIANCE with the KING CODE PRINCIPLES of GOOD GOVERNANCE AN ANALYSIS OF CORPORATE GOVERNANCE IN STATE-OWNED ENTERPRISES (SOEs) IN COMPLIANCE WITH THE KING CODE PRINCIPLES OF GOOD GOVERNANCE by Linda Edward Mbambo (2010087688) Submitted in partial fulfilment of the requirements in respect of the master’s degree Governance and Political Transformation in the Department of Governance and Political Studies in the Faculty of the Humanities at the University of the Free State November 2017 Supervisor: Dr M.C.E. Schimper ABSTRACT Basic values and principles governing public administration is determined by section 195 (10) of the Constitution, 1996 (Act 108 of 1996). These principles require for example, the following: That professionalism is important; The resources must be used effectively, efficiently and economically; Public administration should be executed accountably; and Information must be transparent and the community must be provided with speedy and quality information. Schedule 1, 2 and 3 of the Public Finance Management Act, 1999 (Act 1 of 1999) provides lists of the various types of SOEs in South Africa. Recent incidents, media reports, and new developments within the three major strategic SOEs – namely the South African Broadcasting Corporation (SABC), the Electricity Supply Commission (Eskom), and South African Airways (SAA) – raise alarm. Furthermore, these SOEs need to be examined to determine whether they comply with business ethics, management principles, and guidelines provided by the King Codes. The study decribed the contextualisation of the three major strategic SOEs, namely the SABC, SAA, and Eskom, and their strategic role as chief elements that convey social merchandise and ventures to guarantee personal satisfaction for every single South African. The study highlighted the broader purpose/aim of the research, which was to analyse corporate governance compliance with the King Codes of good corporate governance at Eskom, the SABC, and SAA. This study also aimed to establish whether the board of directors of these three major strategic SOEs comply or do not comply with the King III and IV codes and their principles of good governance. The governance oversight role of the South African National Treasury, parliamentarians, and the Department of Public Enterprises (DPE) that promotes good and sound governance in SOEs was therefore examined. Furthermore, this study also sought to determine the main barriers to the successful implementation of legislative measures with reference to the Public Finance Management Act (PFMA) and to explore the role of the board of directors as a legal structure that governs SOEs and their fiduciary duties. The robust debate surrounding Page | i the dark clouds over board members, leadership, ethics, morals, corruption, state resources looting, and instability in the SABC, SAA, and Eskom were investigated. Keywords: state-owned enterprises; corporate governance; compliance; King Code; principles; legislation; regulations; boards; leadership; ethics and control. Page | ii DECLARATION I, Linda Edward Mbambo, hereby declare that this extensive mini-dissertation for the Programme in Governance and Political Transformation at the University of the Free State (Bloemfontein) is my own original work and has not been submitted by me or any other individual at this or any other university. I also declare that all reference materials used for this study were properly acknowledged. LINDA EDWARD MBAMBO _________________________ _________________ SIGNED: DATE: 22-06-2017 Student number: 2010087688 Page | iii ACKNOWLEDGEMENTS This dissertation is the result of exorbitant hours of work and consultation which occupied my time with family and companions over. I am infinitely grateful to God Almighty, whose numinous nearness and assurance guided me through this exegetic journey. I would further like to express my intense admiration for my family, particularly my mother, intombi yaseMajwarheni, Mrs Nonkululeko Irene Mbambo, and my late father, Mr Sipho William Mbambo, for their unwavering love and for planting the indefatigable seed of self-esteem in my being. I remain everlastingly appreciative of their tenacious mettle and motivation throughout. I am greatly indebted to the programme leader, Dr Tania Coetzee, and her team, Dr Ina Gouws, Mrs Cathy de Lange, and Juanita Potgieter of the University of the Free State, for their prolific and insightful guidance, continuous support, perseverance, and motivation. I am truly indebted to the sterling work of my supervisor, Dr M.C.E. Schimper, who spent countless hours reading the numerous drafts of this dissertation and making incisive comments. His academic input, professional advice, and morale-uplifting acumen inspired me to overcome numerous obstacles and the fear of the unknown throughout this challenging process. The level of presentation in this exegetic project owes much of its existence to his unflinching determination to see the study reach its ultimate completion and submission. I extend my admiration of the support provided by my brother, Matthews Mbambo, and my sisters, nieces, and nephews. Their spirit of togetherness is a pillar of strength and fortitude that keeps us united in spite of earthly trials and tribulations. The multitude of people who were prohibited by the sorcerer, ngiyabonga bomahlamba ngobisi, have earned for themselves the virtues of tolerance and understanding, given the loss of all the material comforts they have been deprived of during the years of my studies; may this serve as an inspiration in their lives. Lastly, my sincere gratitude to my friends, Ntando Magubane, Dzet Khuzwayo, Ndumiso Khanyile, Sihle Mhlongo, and Ntando Nkomo. Your friendship kept me alive Page | iv in so many ways, I am eternally grateful to you for being an integral part of my academic journey and beyond. From the bottom of my heart, I thank all of you good people. Page | v TABLE OF CONTENTS ABSTRACT ............................................................................................................................ i DECLARATION ................................................................................................................... iiii ACKNOWLEDGEMENTS .....................................................................................................iv LIST OF ABBREVIATIONS ................................................................................................. xiii CHAPTER 1: BACKGROUND AND INTRODUCTION 1.1 CONTEXTUALISATION............................................................................................1 1.1.1 Introduction.........................................................................................................1 1.1.2 Legislation………….............................................................................................2 1.1.3 Ethics in corporate governance........................................................................4 1.1.4 Irregularities........................................................................................................5 1.1.5 Control................................................................................................................7 1.1.6 The role of AGSA...................................................................................13 1.2 PROBLEM STATEMENT........................................................................................14 1.2.1 Research questions..........................................................................................16 1.2.2 The anticipated contributions of the study........................................................17 1.3 AIM AND OBJECTIVES OF THE STUDY................................................................17 1.4 RESEARCH METHOD............................................................................................18 1.5 RESEARCH DESIGN..............................................................................................19 1.5.1 Data collection..................................................................................................19 1.5.2 Data analysis....................................................................................................20 1.5.3 Data capturing..................................................................................................21 1.5.4 Layout of the chapters......................................................................................21 1.6 CONCLUSION........................................................................................................22 Page | vi CHAPTER 2: LITERATURE REVIEW 2.1 INTRODUCTION.....................................................................................................23 2.2 CORPORATE GOVERNANCE...............................................................................23 2.2.1 Conceptual and theoretical framework: Governance versus government........26 2.2.2 Corporate governance indices.........................................................................28 2.3 CORPORATE GOVERNANCE PROTOCOLS AND LEGAL ISSUES.....................28 2.3.1 The Constitution...............................................................................................28 2.3.2 The King reports on corporate governance......................................................29 2.4 THE LEGAL FRAMEWORKS..................................................................................2929 2.4.1 The legislative framework.................................................................................30 2.5 INSTITUTIONAL FRAMEWORK.............................................................................33
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