Bain & Company Statement
9th September 2019
Bain & Company prides itself on helping our clients achieve sustainable results. Our work on the organization structure at SARS did not achieve this and we are deeply troubled by the pain suffered by employees of SARS and their families.
To understand what happened, we launched an independent investigation led by the global law firm Baker McKenzie. The investigation is focusing on understanding the facts relating to people, processes, and governance that resulted in us getting and accepting the work.
We have learned in the first week of the investigation that our engagement with SARS fell short of our operating principles. In addition, we do not want to benefit from work that was used to further a different agenda than was intended.
Bain & Company’s global Board today approved to set aside all of the R164M of fees plus VAT and interest, from our work with SARS. This money will be used either as prescribed by the Nugent Commission of Inquiry or – in the absence of such prescription - for the benefit of South Africa. In the latter instance, we will seek guidance from business, government and civil society leaders on how these funds can best be used.