BLSA statement on suspension of KPMG
The Board of Business Leadership South Africa (BLSA) has decided to suspend the membership of KPMG (SA) pending the outcome of an independent investigation into the organisation’s involvement in conduct related to “state capture” in South Africa. This follows a process of engagement with KPMG, allowing them to fully present their case, and consideration of the perspective of other important actors, such as the regulators.
We want to emphasise that our members remain unfettered by this announcement in how they respond in terms of individual engagement with KPMG.
BLSA recognises the considerable steps announced by KPMG to change its leadership and commence a process of cultural change. It cannot, however, look past the gravity of their conduct which is completely inconsistent with the values of BLSA, contained in our Integrity pledge. We must live by example, and that starts with our own members.
While KPMG has badly let itself down in South Africa, BLSA recognises that the overwhelming bulk of KPMG’s staff are committed, honourable and diligent individuals who were not implicated in “state capture” activities. They and the firm remain an asset to the South African economy.
Mr Bonang Mohale, chief executive, commented: