WILLIE THABE: On reputation stand or fall the pillars of our economy and society

Reappraisal of the value of trust and name will re-emerge as sustainable solutions are sought to corruptionWhen legal academic and former judge Mervyn King was asked to summarise the purpose and intent of his report on corporate governance, he responded with a blunt: “People should simply be honest.”

Without this underpin, goods and services cannot be exchanged efficiently. Trust buttresses the large volume of transactions that are priced and traded on a daily basis before legal confirmation. To paraphrase one of former US Federal Reserve chair Alan Greenspan’s remarks, “Rules are guides for the day-to-day transactions for business and financial managers, but the rest of the efficacy of these transactions is contingent on the personal code of values that these officers bring to the table”.

Of course, this did not prevent the likes of James Fisk and Jay Gould of the 1869 Black Friday gold market conspiracy fame, and others, from sailing too close to the wind and over the edge of legality. But these were the exceptions rather than the rule. Since 1994 the SA government has established a number of agencies to protect the interests of the public and assist in vouching for the integrity of institutions. However, it would seem these are sometimes held as substitutes for business reputation. The market value of trust has thus paled compared to its traditional role.

It is from this dark period of corporate malfeasance that the reappraisal of the market value placed on trust and reputation in business practice will re-emerge as corporates and the government seek sustainable solutions to the seemingly uncontrollable level of corruption.

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