Lessons from the spectacular collapse of Steinhoff (e.g. diversity matters)

This is by no means a diverse board… two out of 13 are females…

Nicola Kleyn, Gordon Institute of Business Science

Steinhoff – formerly one of South Africa’s largest companies – is buckling under the weight of an accounting scandal that has devastated its market value.

Since CEO Markus Jooste resigned last week the company has lost about 90% of its value, affecting the pension savings of many South Africans, and most public servants.

The Money Show’s Bruce Whitfield interviewed Gordon Institute of Business Science Dean (and marketing expert) Professor Nicola Kleyn.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

I can’t find information about who heads up Steinhoff’s audit committee…

Nicola Kleyn, Gordon Institute of Business Science

Steinhoff’s board can do with some change.

Nicola Kleyn, Gordon Institute of Business Science

We’re going to see who else was involved.

Nicola Kleyn, Gordon Institute of Business Science

This has to change your reputation.

Nicola Kleyn, Gordon Institute of Business Science

We have too few skilled directors, particularly, in this country…

Nicola Kleyn, Gordon Institute of Business Science

Corporate governance codes calls for independence…

Nicola Kleyn, Gordon Institute of Business Science

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This article first appeared on 702 : Lessons from the spectacular collapse of Steinhoff (e.g. diversity matters)


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