M.Com. (Business Management) / The subject of this study is the legal position of the company director in South Africa and the influence of the law on the exercise of his management function in the business entity. The law as it pertains to the director is often thought to be unclear and it is a fact that many directors are not aware of all their duties. It is thus necessary to find out what the legal position is and the director must be aware of what the effect of this 'viII be on his function to manage. Is it possible that changes in the law can lead to more efficient management? In this study the conclusion is made that the legal position of the director is quite clear. However, a few changes to the legal position are recommended. The South African director has stringent duties of loyalty and good faith, but very light obligations of skill and diligence. It is recommended that a higher degree of care and skill should be required from the director. A distinction is drawn between the executive director and non-executive director. The main difference being that the executive director participates in the day-to-day management of the company's affairs or of a portion thereof, while the non-executive director does not. For this reason the executive director is the focus of the study. The focus of his management function is strategy formulation. He must keep the undertaking on track through effective strategic management. We are entering the information age where flexibility, creativity and innovation will determine success. Third-wave management will be critical in the future and the director will have to adopt this new approach to management to make sure that his undertaking will be adaptable to change.

The purpose of this study was to investigate and foster corporate citizenship (CC) in the SA taxi industry. The primary objective of this study was to foster corporate citizenship in the South African taxi industry by investigating the determinants that would increase CC in the SA taxi industry. The study gathered quantitative information about CC, identified which factors influence CC in the taxi industry and investigated which of these factors are the most important determinants that would increase the CC in the industry in South Africa. This study was intended to contribute to building the body of knowledge for the implementation and fostering of corporate citizenship programs. In particular, the researcher hoped that the framework provided in this study would outline the practical strategies that the taxi organisations should take in developing targeted, long-term partnerships with the communities in which they operate. Convenience sampling was used to select one hundred (100) participants. The response rate was ninety-six percent (96%). The sample was structured to include the directors, deputy directors, senior managers, managers and the drivers of the taxi organisations in twenty-three districts in the Eastern Cape. These participants were taken from the body that incorporates all the taxi associations in Eastern Cape called the Eastern Cape Bus and Business Chamber (ECBTBC). The empirical results revealed that in order to increase corporate citizenship within the SA taxi industry there should be an increase in its human resource management, operations management and the dynamic externalism of its members. The findings also revealed that the social cynicism should be decreased within this industry.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investment, June 2016 / This study examines long-term performance of publicly-listed South African acquiring firms that participated in Merger and Acquisition transactions. In an effort to close the gap in South African literature of long-term M&A performance, the study used key financial ratios in calculating the change of financial position before and after each M&A transaction or in other words, before and after the 2007 recession. The sample included 10 acquiring companies that performed 18 acquisitions during the period, 2007 and 2009. Subsequently, accounting performance in the form of Profitability, Efficiency, Liquidity, Leverage/Solvency and Investment ratios, were then analysed three years before and after each M&A transaction. Furthermore, the Paired Comparison Test was used to test for significant differences in ratios, between pre- and post-M&A performance of each acquirer. The results suggest that overall, Mergers and Acquisitions do not significantly improve financial performance of South African acquirers after each M&A transaction. / GR2018

Most new generation organisations have management models and processes for measuring and managing organisational performance. However, the application of these models and the direction the company needs to take are not always clearly established. Organisations need a clear picture of where they want to go, where they are and how to bridge this gap in order to successfully get to the future intent. It is also important for organisations to have a solid base from which to start a new strategy. In the past couple of years, organisations have strived to build such a solid base by re-engineering, continuous renewal, total quality management, downsizing and a plethora of other techniques. But, getting the foundation in order and just slowly getting better at what we do is not enough in today's competitive environment. Continuing in this manner is only going to keep a company in the race, when the object is to win the race. A company needs to become the world-leader in key processes to ensure survival into the future. Benchmarking can be defined as the search for industry best practices that lead to superior" performance. The emphasis is on "best" and "superior". There are no limitations on the search; the more creative the thinking, the greater the potential reward. Unlike traditional competitive analysis that focuses on outputs, benchmarking is applied to key operational processes within the business. Processes are compared and the best process is adapted into the organisation. It is a process of learning to be better while becoming the best. The purpose of this study was to provide a way for a company to get ahead in the race by means of benchmarking. The reason for benchmarking stems from this need to get ahead of others. One first need to know where one is compared to others and then to understand why the others are ahead. With this understanding, processes can then be adapted and changed to ensure that the company gets ahead of its competitors. Benchmarking is not guaranteed to be successful - it needs to be managed and nurtured in the organisation and allowed to grow throughout the organisation to finally become a way of life. It also needs to be integrated into continuous, key business processes in order to ensure that the benefits can be reaped into the distant future. The end-result of this study was therefore a guideline for creating, managing and sustaining a benchmarking capability in a typical South African corporation. / Dissertation (MEng (Industrial Engineering))--University of Pretoria, 2006. / Industrial and Systems Engineering / unrestricted

Thesis (MComm)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: For the past few decades the remuneration of directors has been in the spotlight, especially in view of the corporate scandals that occurred around the turn of the 20th century. Generally, managers need to manage firms in such a way that shareholders’ value is maximised. Unfortunately, shareholders of firms and the general public have the perception that directors are over-compensated, and that there is no relationship between the remuneration of directors and the financial performance of the firms to enhance shareholders’ value. A lack of transparency, inadequate disclosure by firms and remuneration committees’ conflict of interest are reasons cited for these perceptions. Although South Africa is ranked as a global leader in terms of its corporate governance practices, many firms still do not adhere to the King reports’ principles. This research study investigated whether a relationship exists between the remuneration of directors and the financial performance of firms. The firms selected for the study included both listed and delisted firms from the Industrial Sector of the Johannesburg Stock Exchange (JSE) for the time period 2002 until 2010. Ninety-three firms complied with the requirements to be included in the study. All these firms had effective remuneration strategies in place to promote financial performance and growth of the firms. Secondary data were collected for the nine consecutive years of the study period, representing a period prior to substantial changes in accounting and disclosure regulation that influenced the comparability of financial reporting of the firms. It is important to note that directors’ remuneration is not the only motivating factor for firm performance, but one of many. Directors’ remuneration and incentives should be optimally utilised to increase performance and growth in the firms, and it should not merely be a case of directors being overcompensated for services rendered. In order to operationalize directors’ remuneration, it was converted and subcategorised into four variables. These dependent variables for directors’ remuneration consisted of basic salary, bonuses (performance), gains on share purchases or share options and what was termed as “other” remuneration. “Other” remuneration included pension, medical, motor, and telephone allowances. To measure the financial performance of the firms, the following market and accounting measures were employed: turnover, earnings per share (EPS), total share return (TSR) and market value added (MVA). Analysing these variables’ data by means of selected descriptive statistical measures and inferential regression analysis, it appeared that the data were significantly skewed, but that financial performance of the firms was a strong determinant of the change in directors’ remuneration. Additional regression analyses were performed to investigate whether a lagged relationship existed between the dependent variable, namely directors’ remuneration, and the independent variables, as reflected by the various financial performance measures. Results from these regression analyses strengthened the findings of the study to show that a relationship existed between directors’ remuneration and the financial performance of the firms investigated. / AFRIKAANSE OPSOMMING: Direkteursvergoeding trek vir die afgelope paar dekades gereeld aandag, veral weens die korporatiewe skandale wat aan die lig gekom het rondom ongeveer die eeuwisseling. Normaalweg stel firmas direkteure aan om aandeelhouerswelvaart te verhoog. Daar bestaan ongelukkig ʼn opvatting onder talle aandeelhouers asook die algemene publiek dat direkteure oorbetaal word, en dat daar geen verwantskap bestaan tussen direkteursvergoeding en die finansiële prestasie van firmas om aandeelhouerswelvaart te verhoog nie. Redes wat aangevoer word vir hierdie sienings sluit in die tekort aan deursigtigheid, onvoldoende openbaarmaking deur firmas en vergoedingskomitees se botsende belange. Alhoewel Suid-Afrika geklassifiseer word as ’n wêreldleier op die gebied van korporatiewe bestuur, is daar steeds firmas wat nie voldoen aan die beginsels van die King-verslae nie. Hierdie navorsingstudie ondersoek die moontlike verwantskap tussen direkteursvergoeding en die finansiële prestasie van firmas. Die geselekteerde firmas vir die studie was genoteerde en voorheen-genoteerde firmas in die nywerheidsektor op die Johannesburgse Aandelebeurs (JSE), vir die periode 2002 tot en met 2010. Drie-en-negentig firmas het voldoen aan die vereistes om ingesluit te word in die steekproef van die studie. Al die geselekteerde firmas het doeltreffende vergoedingstrategieë in plek gehad om finansiële prestasie en groei in die firmas aan te spoor. Sekondêre data is vir die nege agtereenvolgende jare van die studie ingesamel. Veranderinge in regulasies voor en na die studieperiode het dit moeilik gemaak om periodes buite hierdie tydgleuf vir vergelykingsdoeleindes in te sluit. Dit is belangrik om daarop te let dat direkteursvergoeding nie die enigste faktor is wat ʼn firma se finansiële prestasie kan beïnvloed nie, maar slegs een van vele. In die lig hiervan, moet direkteursvergoeding en ander aansporingsmaatstawwe optimaal gebruik word om finansiële prestasie in firmas aan te moedig. Om ʼn duideliker skets rakende direkteursvergoeding te verkry, is vergoeding onderverdeel in vier sub-kategorieë veranderlikes. Die afhanklike veranderlikes van direkteursvergoeding is soos volg geklassifiseer: basiese salaris, bonusse (prestasie), opbrengste uit aandeelaankope en aandeleopsies en ʼn laaste kategorie wat as “ander” vergoeding geklassifiseer is. Hierdie “ander” vergoedingskomponent het grootliks bestaan uit pensioen- en mediese bydraes asook motor-, en telefoonvoordele. Ten einde die onafhanklike veranderlike, naamlik die finansiële prestasie van firmas, te meet, is die volgende mark- en rekeningkundige maatstawwe gebruik: omset, verdienste per aandeel (VPA), markwaarde toevoeging (MWT) en aandeelopbrengs. Met die ontleding van al die veranderlikes het beskrywende statistiek en inferensiële regressietoetse aangedui dat die data ʼn merkbare skewe verspreiding het, maar dat finansiële prestasie in die firmas ʼn beduidende faktor was wanneer direkteursvergoeding aangepas is. Bykomende regressietoetse is gedoen om te ondersoek of daar vertragingstydperke was tussen die afhanklike veranderlike, naamlik direkteursvergoeding, en die onafhanklike veranderlike, finansiële prestasie van firmas. Hierdie toetse het die studie se bevindinge bevestig dat daar inderdaad ʼn verwantskap bestaan tussen direkteursvergoeding en die finansiële prestasie van firmas.

M.Comm. / At some stage in the development of multi-national organisations, the need for a company to raise adequate finance for the group and use the group's retained earnings in the most efficient way may well arise. In order to raise adequate finance tax efficiently, careful consideration should be given to, inter alia, income tax consequences pertinent to different jurisdictions considered as a possible locus for a finance company. Since South Africa's emergence into the modern day commercial village, many foreign investors were either re-introduced or introduced to South Africa as a place of business or potential business. Also, South African businesses started to expand more rapidly across the country's borders. Assuming, as the optimist would, that what has been experienced is only the start of greater things to come, the need for the development of international tax planning techniques and/or the identification of planning opportunities in the context of group finance companies is imperative. Naturally, such techniques can only be developed subsequent to analysing the tax systems of the home jurisdiction of potential major investors (for instance the United States of America) and/or of jurisdictions which traditionally represented planning opportunities from a South African perspective (for instance the Netherlands) and/or of jurisdictions that may become relevant from a planning perspective as a result of South Africa's transition or some other reason such as differences in tax systems opening up the opportunity for tax arbitrage (for instance Mauritius or Ireland, respectively). However, since the first and second of the above categories have been explored amply up until the current point in time there is no need to take them into account in yet another study.

A research report submitted to the Faculty of Science, in partial fulfilment of the requirements for the degree of Master of Science, University of the Witwatersrand, Johannesburg, 6 November 2015. / Environmental degradation and pollution continue to characterise the mining sector in South Africa despite a robust legislative framework which is aimed at enhancing sustainable mining practices. Of particular concern is the impact of mining on biodiversity. During 2013 the Departments of Environmental Affairs and Mineral Resources, together with the South African Mining and Biodiversity Forum, an alliance of stakeholders from industry, conservation organisations and government facilitated by the Chamber of Mines of South Africa, released the South African Mining and Biodiversity Guideline (SAMBG), which aim to mainstream biodiversity into the mining sector. The guideline seek to integrate biodiversity considerations into planning processes and manage biodiversity through the lifecycle of a mine, and so contribute to better outcomes. In addition to the guideline, mining companies that obtain funding from financial institutions that are signatory to the Equator Principles are required to implement IFC Performance Standard 6 (IFC PS6) which also deals with biodiversity conservation. There is a concern that the SAMBG adds further to the burgeoning pile of standards, guidelines and best practices that mining companies are required to meet, but without necessarily adding anything new. This research project deals with this concern through a review of the SAMBG to assess their potential contribution to biodiversity conservation and to determine, through a comparative analysis, whether any overlaps and gaps exist between the guideline and IFC PS6. A qualitative methodology was used to understand how the Aichi Biodiversity Targets are addressed by the SAMBG. Based on this review a conclusion as to the role of the SAMBG amongst the range of guidelines and standards was drawn. The research indicated that there is alignment between the SAMBG, the IFC PS6, the Aichi Biodiversity Targets and South African national environmental legislation. They all aim to achieve a similar outcome, the conservation and sustainable use of biodiversity, but provided different levels of detail and are targeted at slightly different audiences.

A research report submitted to the University of the Witwatersrand Faculty of Commerce, Law and Management, in partial fulfillment of the requirements for the degree of Master of Management in Finance and Investment JOHANNESBURG MARCH 2015 / This study examines the impact of corporate governance reforms on performance of publicly listed firms on the Johannesburg Stock Exchange (JSE) in South Africa from 2009 to 2013. The study examines the King III reform in detail, and previous reforms before King III. The variables employed in this study to measure firm performance are return on asset (ROA), return on common equity (ROE) as proxies for accounting based performance measures and Tobin’s Q as a proxy for market based measure of performance. The results do indicate that corporate governance does have an effect on a firm’s performance. Evidence is presented that suggests that the level of compliance has increased over the period in question from 2009, when King III was assumed. Overall the conclusions are that board size has no impact on firm performance. The hypothesis that board independence impacts on firm performance was rejected among other findings. That being said, there is also significant deviations from the framework that leave room to further develop and/or improve policy. The sample size of 99 is large enough to make inferences about the population

A research report submitted to the faculty of Commerce, Law and Management at the University of the Witwatersrand in partial fulfilment of the requirements for the degree of Master of Commerce (Accountancy), February 2017 / The purpose of this research is to explore the roles of the internal audit function (IAF) in integrated reporting and identify the possible challenges and barriers to internal audit’s involvement. The research was conducted to fulfill three main purposes: to determine if the IAF has any role to play in integrated reporting; to identify the potential challenges and barriers of internal audit’s involvement; and to identify and recommend best practices for internal audit’s involvement. The potential roles of the IAF in integrated reporting is predicted through current practices and literature. The research approach required an understanding and contextualisation of current practices by interviewing Chief Audit Executives (CAEs), following a qualitative approach within an interpretivist paradigm. The results were analysed using a data analysis spiral.The main conclusion drawn was that the involvement of the IAF in integrated reporting is closely linked to the maturity of the integrated reporting process. The research sample consisted of CAEs of listed companies that are recognised as producing good integrated reports and whose integrated reporting processes are in varying stages of maturity. The practical implications for CAEs are to apply best practices in becoming involved in the integrated reporting process and to avoid potential challenges and barriers. The role of the IAF in integrated reporting has not yet been identified through prior studies and this can be considered as the most significant contribution of this study. Key words – Assurance, Integrated reporting, Internal audit / GR2018

The major aim of the study is to establish· whether a relationship exists between the composition and effectiveness of the board of directors. Selection, particularly selection procedures became relevant in the study, whether there were different selection procedures for board of directors in South Africa. Developing common selection guidelines and board composition profile is an important element of this study. A case study research method was used to collect data. The sample was drawn from KwaZulu-Natal based companies including 25 directors of companies not necessarily members of the companies in our sample. The sample parameters included a listed conglomerate, municipal funded, unlisted private, black economic empowerment and parastal companies. The conclusion is that, composition does impact on the effectiveness of the board of directors. Secondly, boards of directors have different composition profiles. Furthermore, their selection procedures differ to an extent. These differences are driven by the needs of the organization rather than sectoral location. However, sectoral imperatives do have an influence, which cannot be completely excluded. Whilst, the study found that there were certain uniform requirements to be met by all companies in terms of corporate governance, there were certain instances where the universality of guidelines and/or models and/or perspectives were suspect due to a number of factors. Accordingly. recommendations and/or guidelines are outlined to improve effectiveness of the board of directors. These entail amongst other issues: ~ Board Structure and size ~ Board Composition ~ Board Selection ~ Board Induction ~ The Chairman's Role ~ The Roles of Chief Executive Officers ~ The Role of Executive Directors ~ The Role of Non-Executive Directors ~ The Executive Director ~ Board Committees ~ Gender Equality and Diversity ~ Compensation of the Board ~ Board Appraisal / Evaluation ~ Shareholder Activism Enforcement takes precedence over voluntary compliance to corporate governance in the guidelines recommended in this study. / Thesis (MBA)-University of Natal, Durban, 2002.