. As a board member of the DBSA, I am guided by the same fiduciary duties as other board members. I follow the same good governance principles as my fellow board members, and if and when any conflict arises it will be dealt with formally, in the same manner as such conflicts would be dealt with by other board members.
It was never the intention of the relevant legislation — such as the Financial Intelligence Act — to preclude such persons and their family members from conducting their daily lives and the honest pursuit of their livelihoods. What is required by the legislation is the kind of enhanced scrutiny that allows for the careful assessment of the sources of wealth and funds of such persons.
It was found that the government fully owned 85% of those surveyed and 10% had minority private sector participation of 1%-49%. It was further found that 75% of such entities were established by legislation and 25% were set up as companies. In line with this, the DBSA board is appointed by the finance minister after approval by the cabinet. Over time, SA’s various finance ministers have used different mechanisms to ensure transparent and fair appointment processes. Some have used advertisements and then made recommendations to the cabinet. Others have used executive search companies to find candidates to recommend to the cabinet.
This matter has been raised by the banks and the Association for Savings and Investment SA and by the National Treasury. The DBSA is alive to this criticism and is of the view that these concerns should be considered in deciding how the infrastructure fund is ultimately housed and institutionalised.
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