When I first set foot in the financial world, the Johannesburg Stock Exchange (JSE) was a place of noise, camaraderie, and human connection (JSE Magazine, 2015). Brokers gathered on the trading floor, shuffling paper, calling out orders, and sealing deals with a handshake. It was a simpler time – one where you could, quite literally, know every person in the room.
My own journey began in accounting, at Kessel Feinstein, where I qualified as a Chartered Accountant in 1970. The audits I conducted for stockbrokers soon lured me into the world of equities in 1974. What followed was a lifetime at the JSE, serving as Chairman, Vice-Chairman, Director of Government and International Affairs, and, later, as a consultant (SA Jewish Report, 2015). I was privileged to witness the transformation of the South African market from a small, insular environment into a technologically advanced, globally respected institution.
The evolving role of the board
In my early days, governance was often viewed through a narrow lens – primarily compliance and financial oversight. Today, it is rightly seen as the custodianship of the organisation’s long-term well-being, sustainability, and integrity. A board is not there to run the company’s daily operations; it exists to guide strategy, oversee risk, and ensure that management is held accountable for timely and effective delivery.
I have always believed that an effective board is built on diversity – not only in demographics but in thought, background, and expertise. Directors must understand the industry, the environment, technological developments, and global market forces. This is not optional. It is a fiduciary duty to be informed and prepared.
Preparation matters. Board papers must be distributed well ahead of meetings so that every member can contribute meaningfully. Too often, I have seen boards where directors arrive ill-prepared, and that undermines the quality of decision-making. The role demands commitment, not just attendance.
Technology as a governance catalyst
Of all the changes I have witnessed, the most transformative has been the advent of technology. In 1996, the JSE moved from open outcry to an electronic trading system. This was not simply a change in process; it redefined the market’s scale, speed, and risk profile. Overnight, trading volumes soared – from 3000 deals a day to hundreds of thousands.
For boards, this meant a new governance reality. Technology brought efficiencies, but it also introduced cyber risk, systemic vulnerabilities, and the need for directors to understand complex systems. I have often said that while the screens have connected us to the world, they have also eroded those personal relationships that once underpinned market trust. In governance, we must work harder now to build and maintain those connections.
Africa’s opportunity – and responsibility
My career has not been limited to South Africa. I have been deeply involved in African capital markets, serving on regional bodies and working to promote integration. I have long advocated for regional exchanges to strengthen liquidity, share infrastructure costs, and build credibility.
Africa’s potential is vast. We hold the largest untapped arable land resources, making agribusiness a cornerstone of future growth. Infrastructure, particularly rail, could transform cross-border trade. But without robust governance, these opportunities risk being squandered. Markets must conform to world standards, and countries must work together. We are only as strong as our neighbours.
The human element of governance
Amid all the structural and technological changes, one truth remains: governance is about people. A director is not only a strategist or an overseer; they are an ambassador for the organisation. Reputation is fragile, and it is built, or destroyed, by the conduct of those who lead.
I have always believed that self-interest has no place in the boardroom. The company’s interests must come first. That principle has guided me through market crises, strategic relocations, and my work on international platforms.
Looking forward
As I reflect on my career, I see corporate governance as both a blueprint and a challenge. The blueprint is clear: diverse, informed boards; a culture of preparation and accountability; and a commitment to collaboration across markets and borders.
The challenge is resisting the lure of short-term gains at the expense of long-term resilience. Governance is stewardship. It is about safeguarding the organisation for its stakeholders we may never meet, in decades we will not see.
The JSE has changed beyond recognition since I began. So too has governance (Wikipedia, 2025). But the core mission remains: to protect, guide, and sustain the enterprise in service of all its stakeholders. That is a responsibility I have been honoured to carry, and one I hope future generations will embrace with equal dedication.
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