Deputy president Phumzile Mlambo-Ngcuka has warned that government is prepared to take a strong stance towards ensuring companies in the private sector comply with policies and legislation set out in sector charters.
During a video broadcast at an event to mark the 10th anniversary of training company Torque-IT yesterday, she said there would never be a healthy private sector in SA if government is not strict on corporate governance.
"Those companies which do not want to implement the legislation and policy in spirit and in letter will only have themselves to blame in the long-run because we are going to be very hard on them."
She said she would pay particular attention to the scorecards and the performance of the different companies and sectors that are charter signatories.
"We realise we cannot force a horse to drink but we intend to take that horse to the water kicking and screaming by ensuring we are firm in observing the scorecard," she warned.
However, the deputy president stressed that the ideal situation is not having to threaten firms with the scorecard but for organisations to take the initiative.
"Companies cannot expect that this country has to provide the best possible environment for them to do business in, in terms of what we need to with infrastructure, but not comply with legislation."
Mlambo-Ngcuka said there is a need to ensure there is a functioning and robust democracy. "There are enough resources and opportunities in this country to be inclusive."
She also urged smaller businesses to look at Torque-IT as an example of how a company can create the balance between chasing the bottom line and assisting the country achieve its greater goal of a better life for all.
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