Baqwa to Bring His Integrity to Nedcor
Selby Baqwa, the Public Protector, is to join Nedcor in October in the newly created role of head of corporate governance, Nedcor said yesterday.
The move comes as institutions internationally are under immense pressure to conform to the highest corporate governance standards.
A number of accounting scandals including high profile ones like Enron, WorldCom have dogged the US corporate sector recently.
Baqwa's seven-year nonrenewable term as public protector comes to a close at the end of September. While confirming that he would be joining Nedcor, Baqwa declined to comment on the move yesterday, citing his present status as public protector as a reason.
Baqwa will have responsibility for ensuring that Nedcor "observes the highest standards of governance across the entirety of the triple bottom line".
Nedcor said his activities would affect all the key audiences of the bank "customers, staff, investors, suppliers, regulators and the public at large".
Nedcor chairman Chris Liebenberg said: "We are delighted that (Baqwa) has decided to join the Nedcor group.
"He has built a wonderful reputation in his current role for integrity and effectiveness. He will bring the same qualities to bear at Nedcor and will be a huge asset to the group."
Liebenberg said great companies could "only be built by winning the trust of all their key stakeholders.
"This is the governance challenge. It is one we afford the highest priority, and there could be no clearer evidence of this than Selby Baqwa's appointment into this position."
The appointment coincided with news that the bank was ranked second in the SA section of the Euromoney magazine survey of corporate governance in emerging markets.
This month edition of the magazine surveyed 184 companies across emerging markets.
The survey looked at five different categories ownership transparency, financial transparency, board structure and process, stakeholder relations and managerial interests.
Nedcor said it scored 100% for board structure and process, and 96% for financial transparency.
With acknowledgements to Bonile Ngqiyaza and Buisness Day.