Reputation Matters Dec 12th, 11:17
Even though Christo Wiese has taken the helm as the interim CEO and is trying to stabilise the ship through the storm, Steinhoff faces the threat of becoming the biggest bankruptcy in South African corporate history. (Business Times, 10 December 2017).
How does this happen? “It all boils down to lack of internal governance,” says Regine le Roux, Managing Director of Reputation Matters. “Reputations are ruined when values are negotiated, ethics are compromised and leadership actions are questionable. Having authorities investigating irregularities, and by associating the words ‘senior executive’ with tax evasion, documentary forgery, and fraud, is never a good combination.”
“If you keep your nose clean, follow policies and procedures and adhere to governance structures your integrity as a company will not be compromised.”
“This should sound obvious; unfortunately with the increase in questionable business deals across the board and industries which has come to the light in this year alone, it clearly isn’t that basic.”
Reputation matters
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Read more @ http://www.fastmoving.co.za/news/retailer-news-16/reputation-and-corporate-bottom-line-steinhoff-as-a-case-study-11073