BMF President Mncane Mthunzi on transformation of SA's corporate sector

The Black Management Forum (BMF) is gearing up for a critical event that will shine a spotlight on the transformation of South Africa's corporate sector. The annual corporate update Gala Dinner, themed 'The South Africa We Deserve', is scheduled for the 9th of June at the Santon Convention Center. This event serves as a platform for the BMF to update its corporate members and stakeholders on their progress, strategies, and future endeavors. The Gala will feature a keynote address by Finance Minister Malusi Gigaba and a special address by former BMF president, Nolitha Fakude. BMF President Mncane Mthunzi recently appeared on CNBC Africa to discuss the upcoming event and delve into the state of transformation in the corporate space. Mthunzi highlighted the importance of reflecting on the progress made since democracy and freedom were attained in South Africa 23 years ago. While acknowledging some advancements, he also noted areas where improvement is needed, particularly in terms of transformation at the executive level. The recent resignation of a prominent black executive due to a disagreement on business direction underscored the challenges faced by black talent in the corporate world. Mthunzi emphasized the critical need for effective succession planning to ensure a smooth transition of leadership positions. Addressing the issue of joint CEOs, Mthunzi expressed the BMF's stance against such arrangements, citing concerns about undermining black leadership potential. He stressed the importance of grooming and developing local talent within companies instead of resorting to external appointments. Mthunzi called upon current CEOs and board directors to prioritize succession planning and talent development as part of their fiduciary duties. The conversation extended to the public sector, notably focusing on Eskom and the recent revelations stemming from the Gupta-linked emails. Mthunzi expressed the BMF's disapproval of the re-employment of Brian Molefe at Eskom, labeling the entire board as compromised. He called for the resignation of the board members, emphasizing the need for accountability and transparency in governance. The discussion also touched on the need for thorough investigations into allegations of state capture to uphold integrity and restore public trust. Mthunzi's insights shed light on the complexities and challenges within South Africa's corporate landscape, urging a concerted effort to address issues of transformation, succession planning, and governance. The upcoming Gala Dinner promises to be a platform for critical discussions and reflections on the path towards a more inclusive and equitable corporate sector.