Steinhoff Greed exposes the weakness of boards

Calling the Steinhoff fraud scandal an accounting irregularity effectively depersonalises the misconduct. Corporate governance is fundamentally about human behaviour, attitude, mindset and responsible leadership of institutions. It places emphasis on the rules and constraints on decision-making, specifically the need to constrain ‘managers’ to act in the best interest of the institution, especially public ones. Law and regulation will never be able to improve governance practices. You...