Johannesburg, 07 March 2018 – The SAICA Board wishes to inform members and stakeholders of the decision to second SAICA’s Chief Executive Officer, Terence Nombembe, to the Judicial Commission on State Capture. The board acceded to a request by the Deputy Chief Justice, Raymond Zondo. In terms of the secondment, Nombembe will assist Zondo in the Commission’s investigative work for an initial period of six months. In reaching this decision, the board took into account a number of factors, including some of the items listed below.
With the increasingly negative public sentiment around allegations of corruption and state capture, the work of the Commission is critical to restoring waning public faith and putting South Africa back on the path of ethical governance and leadership.
As part of restoring trust in our institutions and rebuilding the national institutions, the work of the commission will be an important foundation. It has been said that this is probably the most important Commission to unearth the extent of the corruption and wrongdoing that has allegedly been perpetrated under the banner of state capture.
Impact on the profession
The request for Nombembe to be seconded was in line with SAICA’s strategy of proactive nation building. SAICA is gratified that the request indicates the standing enjoyed by the chartered accountancy profession in terms of responsible leadership in the South African economy.
As a profession that is globally recognised as a symbol of public trust through independent auditing and corporate reporting, the Commission is as critical for SAICA as it is for the country. It is an opportunity to once again showcase our world-class standards and governance capabilities. It is an opportunity to remind all our stakeholders and the country at large that, as a collective, we are still a profession that serves in the public interest. South Africans have every reason to still trust in the chartered accountancy profession.
Disruption to SAICA
In order to ensure minimal disruption to SAICA and its work, Ms Fanisa Lamola, the current Executive Director: Corporate Services will be SAICA’s acting CEO. Ms Lamola has been with the Institute for many years and, in addition to her first-hand experience, she will be supported by SAICA’s executive management team.
I am confident in the ability of SAICA’s management team and staff to continue to effectively achieve the strategic objectives and operational imperatives of the chartered accountancy profession and SAICA.
The request by the Deputy Chief Justice is again a reminder that Nombembe is a leading figure in our nation and that as an organisation we are fortunate to have someone of his stature as the CEO. I wish Nombembe success in his work with the Commission. In addition, I believe the request by the Deputy Chief Justice to have a chartered accountant and the SAICA CEO further highlights the recognition that SAICA members enjoy as the custodians of high governance standards in South Africa. We should therefore all be proud and continue to believe in the value of the Chartered Accountancy profession.
We wish the Commission well in restoring the trust in the governance of the state’s resources and restoring confidence in our economic system for the benefit of all South Africans.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 42 000 members and associates who are chartered accountants [CAs(SA)], as well as AGAs(SA) and ATs(SA), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.
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