Idasa has expressed opposition to the South African Reserve Bank Amendment Bill — and its provisions to limit shareholder power. In submissions to Parliament during public hearings on the bill, Idasa and the University of Western Cape School of Business and Finance argued on principle, rather than from self- interest, that the amendments were ill-advised. Idasa’s head of research Nancy Dubosse said the proposed presidential nomination of directors would undermine the independence of the Bank. It was improper for the Bank to be managed by politicians, she said. Parliament’s oversight role should be strengthened and it should vet shareholder nominations, not a panel. Read the Business day article here and the full submission on the Idasa site here.
Posted on June 4, 2010 by idasa