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Business Report writes that shareholder activist Theo Botha has warned that the continuing public spat between fired Old Mutual CE Peter Moyo and chairperson Trevor Manuel would become a reputational disaster for the life insurance group, irrespective of the outcome in court.
Botha said the company had failed to manage issues of potential conflict of interest “right at the outset”. In his view, Moyo’s firing had raised a number of new governance problems. Gordon Institute of Business Science director Professor Nick Binedell said the issue represented not only a risk to Moyo, but to Old Mutual over the longer term. He added, however, that it was not likely to represent as great a risk as, say, a major product failure. Parmi Natesan, CE of the Institute of Directors in Southern Africa, commented as follows: “Conflicts in the boardroom need to be carefully managed to ensure that they do not put either the director or the organisation at risk - or create a negative public perception. And the fundamental key to managing conflicts of interest is open, full and candid disclosure and appropriate management.” On Tuesday, the South Gauteng High Court postponed Moyo’s application to be reinstated until Thursday. Moyo was fired in June after relations between him and Manuel soured amid allegations and counter accusations of conflicts of interest.
- Read the full original of Edward West’s report on the above at Business Report
- Read too, Showdown between Peter Moyo and Old Mutual postponed to Thursday, at BusinessLive
Get other news reports at the SA Labour News home page