Thursday, September 25, 2008

Mboweni's racial slur on white shareholders

The attitude of the Reserve Bank Governor at the annual general meeting is a cause for concern to all South Africans no matter the colour of their skin!

Tito Mboweni should not allow emotions to cause him to be rude and disrespectful to the bank’s shareholders, if the shareholders were out of order it should have been handled in a professional manner by him and he should not have made the comments he made.

The Bank is somewhat unusual in that its shares may be traded privately. It is one of only nine central banks worldwide to have private shareholders and there are 2m shares in issue where one receives one vote for every 200 shares. Shareholders and government are allowed to appoint seven directors each.

In view of the above the annual general meeting should be held according to specific guidlines and shareholders are entitled to ask questions and expect to receive intelligent answers to these questions.

Mboweni refused to allow certain shareholders to speak, he said: “I’m running the meeting, not you. If you don’t like the way I run the meeting you can leave. And you’re not welcome back.”

When another shareholder said that Mboweni’s conduct was “shocking” Mr. Mboweni responded: “You mustn’t speak to me the way white people used to speak to black people.”

Where in the world do you find such conduct from an executive of a Financial Institution towards its shareholders? He was conducting a standard shareholders meeting and as such the shareholders by virtue of their holdings have reasonable grounds to raise questions to the board/directors of the company.

What does Mboweni have to hide? Maybe the shareholders should ask for an audit of the SA Reseve Bank’s books to ascertain why their questions are not being answered.

Go to this link to read the interview with Michael Deurr one of the shareholders:
http://www.moneyweb.co.za/mw/view/mw/en/…

2 Opinion(s):

Loggi said...

We should also be concerned that he was so eager to hitch his wagon to the new ANC order. This sudden loyalty has nothing to do with the interests of the South African economy.

Anonymous said...

What does Mboweni have to hide?

The incompetence chip on his shoulder, the size of the titanic.