What does the JSE hope to gain from Tongaat director?
If non-exec directors can’t hold executives accountable by asking the hard questions, what value do they add?
Like most companies, JSE Limited, which operates the main Johannesburg bourse, wants the best directors on its board.
Hence the JSE cannot be faulted for appointing chartered accountant Fatima Daniels to its board. She has been on the boards of the SA Reserve Bank, the SA Mint, Woolworths, Telkom, and Impala Platinum.
But she is also chairperson of troubled group Tongaat Hulett’s audit and compliance committee. It makes her appointment to the JSE board’s audit and self-regulatory organisation oversight committee stand out as unusual...