Business Leadership South Africa (BLSA) is pleased to announce its decision to lift the suspension of KPMG South Africa. This decision effectively reinstates the auditing firm’s full membership in the organisation. KPMG SA was suspended in September 2017 in the wake of serious allegations of state capture.
The decision to lift the suspension of KPMG SA was collectively taken by the BLSA board in recognition of the progress made by the new leadership of KPMG SA since the appointment of CEO, Ms. Nhlamulo Dlomu. This was followed by the appointment of two respected directors, Prof. Wiseman Nkuhlu as Chairman as well as Ms. Ansie Ramalho as Independent Director on the Board.
Commenting on the decision of the BLSA board, Bonang Mohale said, “BLSA commends the unwavering commitment of the new leadership at KPMG, including full cooperation of the firm in all investigations, various interventions at changing the culture and full commitment to becoming a solution to the challenges facing South Africans. BLSA has always maintained that the decision to suspend any of its members is never a death-knell. That is why, BLSA continues to work with the new leadership on how to change the culture and remain a transparent, responsible corporate citizen. BLSA will also participate in the strategy review process of the firm.
BLSA is also encouraged that KPMG started to compile and publish “KPMG Baseline Report”, aimed at “opening themselves up” to scrutiny. KPMG’s commitment to sharing information in an open and transparent manner should be welcome. Under the new leadership, KPMG supports efforts by BLSA to defeat state capture and corruption while driving inclusive growth and transformation in our society. The efforts shown by KPMG are a lesson for all individuals and corporate citizenry that now is the time to purify ourselves of bad behaviour.
BLSA is confident that the steps currently underway at KPMG are aimed at restoring credibility and good governance. This decision has been communicated to the leadership of KPMG SA.