Get more Mail & Guardian
Subscribe or Login

Naspers won’t publish report on ANN7 probe, AGM hears

Naspers will not make publicly available the report on an investigation into alleged payments by MultiChoice to Gupta-owned channel ANN7, shareholders heard on Friday.

Earlier this year MultiChoice had a briefing following the probe, indicating that no irregular payments were made to ANN7. This probe was launched following revelations in the Gupta-leaked emails that Naspers’s video entertainment subsidiary MultiChoice made payments to ANN7, media reported. 

At the annual general meeting on Friday, a shareholder inquired whether Naspers would release the report, and asked chairperson Koos Bekker what his and the company’s stance are on corporate governance.

Group general counsel of Naspers, David Tudor, who answered the question relating to MultiChoice assured that the investigation by the audit and risk committee was “extremely detailed and wide-ranging”, especially given significant time pressures.

As for the publication of the report, Tudor said that it is “privileged and confidential” and Naspers intends to maintain that privilege.

On corporate governance, Bekker said that the company fully supports the King IV code. “Our commitment to King IV is not conditional,” he told shareholders.

Bekker admitted that the company may have “fallen behind” in one respect last year regarding the disclosure of remuneration. “The people who criticised us last year are correct,” he said. Bekker assured that the company is working on improving disclosure and said Naspers respects that shareholders have a legitimate right to ask questions.

He explained that in business you need to play by the rules, but you also need to play effectively to beat the competition, and it is tricky to do both at the same time. When it comes to disclosure, Bekker said that businesses need to make sure that they do not give away “crucial information” which may affect competitiveness – which is why it is important to strike the right balance.

“We are 100% behind governance. As a company we have good governance,” he emphasised. — Fin24

Subscribe to the M&G

Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.

Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them.

Lameez Omarjee
Lameez Omarjee
Parliamentary reporter at Fin24.com

Related stories

WELCOME TO YOUR M&G

If you’re reading this, you clearly have great taste

If you haven’t already, you can subscribe to the Mail & Guardian for less than the cost of a cup of coffee a week, and get more great reads.

Already a subscriber? Sign in here

Advertising

Subscribers only

Mbeki tells ANC that land without compensation goes against the...

‘This would be a very serious disincentive to investment,’ says Thabo Mbeki in a document arguing that the ANC should not proceed with the Constitutional amendment of section 25

Micro-hydropower lights up an Eastern Cape village

There is hidden potential for small hydropower plants in South Africa

More top stories

Abattoir compliance for game meat will kill Eastern Cape industry,...

Last month, the department of agriculture issued a notice saying that the slaughter and dressing of game meat at any place other than an abattoir was prohibited, and that those not complying could be fined or imprisoned

Gauteng health system is heading for catastrophe

While officials remain entangled in bureaucratic knots, clinicians warn that the continued closure of the Charlotte Maxeke Johannesburg Academic Hospital risks a ‘humanitarian disaster’

Entrepreneurship will save South Africa’s youth

Complaining about ‘reverse racism’ and BEE serves no one. South Africa’s white youth should focus on entrepreneurship instead

Union calls on government to nationalise ‘profit-driven’ Clover

The dairy’s Lichtenburg factory, which is being closed due to service delivery issues, employs about 380 permanent and 40 temporary workers
Advertising

press releases

Loading latest Press Releases…
×