SA businesses should be the ones fighting state capture – Nedbank boss

Nedbank chief executive Mike Brown has urged South African businesses to begin investigating and speaking out against state capture directly.

He was speaking on the role of banks and business in securing the future of the country at the Nedgroup Investment Summit in Sandton, Johannesburg on Tuesday, reports Fin24.

Brown indicated that he was not confident that government inquiries into state-owned enterprises (SOEs) will reveal much, and that it was businesses’ responsibility to tackle the issue themselves.

He said that, when it comes to social change, businesses should no longer be silent as they were in the 1990s and early 2000s.

“Every single business leader and everyone in business must recognise business is not separate in any way to society.”

“That is the only way we will find out what is happening in the state capture environment,” he said.

He further warned that government’s plan to begin creating jobs and economic growth was flawed, as it required an environment of ethical and inspirational leadership.

“Actually to create jobs and growth, we need to start at the top with leadership. This will drive confidence and investment. That is the only way to sustainably create jobs as businesses in our country.”

“The foundation of any risk management decision is country risk, and the foundation of any country risk assessment is the rule of law,” he said.

Read: Nedbank raises its interim dividend despite declining profits

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SA businesses should be the ones fighting state capture – Nedbank boss