JOHANNESBURG- Investec CEO Richard Wainwright has lambasted the failures of corporate SA calling for cleaner and more effective governance structures in the public and private sectors of the economy.
Wainwright was speaking at the PBF Business Breakfast in Nasrec, Johannesburg where the ANC is scheduled to elect it’s next president. The current race is split down the middle between Cyril Ramaphosa’s and Nkosazane Dlamini Zuma.
“South Africa stands at a critical juncture in our history. We are fast becoming known for corporate failures…with a high degree of broken trust with our citizens. Whoever is chosen to lead the ruling party after the conference will have to work hard to get SA back on track,” he said.
He further highlighted that the ANC still had a critical role in shaping the future of SA in a country that faced far worse before.
“We need a legitimate government and legitimate business to live up to promise of delivering a successful country. Whoever wins must challenge issues facing Society. Our Credit rating was downgraded to junk and investors watching closely. Unless there critical plans there are likely to be further downgrades and billions will flow out of SA,” he said.
In his address to delegates he spoke of how many ordinary South Africans continue living in poverty and there was a need to implement policies that aim to drive social stability.
“If we can’t grow the economy and our tax base, the institutions that make our country what it is will be compromised. Therefore in this process, business is not the enemy. Big business supports small enterprises in the supply chain and remains committed to tooting out corruption. Big business employs seven times the number of public sector employees which is why it needs a conducive environment for it to thrive. We need a state underpinned by good governance. Many skilled and patriotic south Africans who are willing to step up and take the country forward,” he said.