Archive for September, 2011

Removing directors: even minority shareholders now have a foot in the door

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The board must then call a meeting of directors to determine the matter (the director concerned may, of course, not vote on the matter). It is interesting that there is no specific protection in section 71 against vexatious or frivolous allegations made by a shareholder. The board must, regardless of the merit in the shareholder’s allegation, at the very least convene a meeting to determine the matter.

via Legalbrief – Removing directors: even minority shareholders now have a foot in the door.

Looks like government’s new tactic to perform cou-de-etats on white-owned businesses – just oust the director and carry on! Can you imagine private sector devolving into the shambles government has already reduced the public sector to?


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Tutu calls for wealth tax on whites

Desmond Tutu 2007 at the Deutscher Evangelisch...

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Archbishop Emeritus Desmond Tutu has called for a “wealth tax” to be imposed on all white South Africans.

The former archbishop of Cape Town and former head of the Truth and Reconciliation Commission (TRC) also called on members of President Jacob Zuma’s cabinet to sell their “expensive cars”, “to show you care” about the poor in South Africa.

Tutu said apartheid had left South Africans riddled with “self-hate”, and it was directly to blame for the country’s vicious crime rate and road carnage.

He made the calls on Thursday night during a book launch at Stellenbosch University’s Institute for Advanced Study.

The book, The Humanist Imperative in South Africa, contains 26 essays by leading academics and public figures and is edited by Professor John de Gruchy.

As guest of honour, Tutu recounted the myriad ways apartheid had dehumanised South Africans.

Apartheid damaged us all; not a single one of us has escaped.”

In a break from his prepared speech, Tutu said a “wealth tax” had been suggested during the TRC process, and had enjoyed support at the time.

Moments earlier, he had told the whites in the conference room: “You all benefited from apartheid. Your children went to fancy schools, you lived in posh suburbs.”

He stressed, however, that this did not mean all whites had supported apartheid.

Speaking to the Cape Argus after his speech, Tutu expanded on his wealth tax call.

“There were many in the white community who were ready for this (at the time of the TRC process).

“It could be quite piffling, maybe 1 percent of their stock exchange holdings. It’s nothing. But it could have helped… maybe building new homes, and that would have been an extraordinary symbol of their readiness.”

Asked whether he was again calling for a “wealth tax”, Tutu said: “That’s what I’m saying.”

He then laughed: “What were you doing in there (the conference centre)? Were you listening?”

Tutu did not say how he wished the tax to be implemented, but said he hoped whites themselves would “agitate” for it to be imposed upon them.

Throughout his speech, Tutu cited numerous examples of what he saw as apartheid’s impact, which had fundamentally been an “erosion of self-esteem” and the advent of “self-hate”. He blamed South Africa’s high crime rate on this, saying: “Thus we must not be surprised at the staggering statistics of violent crime, murder, rape.

via Tutu calls for wealth tax on whites – Politics | IOL News |

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ABSA closed – zero public relations technique

Absa Tower

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I got up early today to take my niece to the bank (ABSA) so she could open up her first real savings account.

We stood in the queue outside the bank at 8am (the bank’s indicated opening time on a Saturday) and within minutes started speculating if the branch was ever going to open today.

Now we all, outside the bank, knew that it is Heritage Day today in South Africa, but we still thought the bank might be opening.

It did not.

I suggested to the group who were still standing around outside the ABSA branch, that you would think with all its wealth, ABSA could at least place a client-friendly notice in the window, reminding its faithful clients who might call on it on a public holiday, stating that they are sorry they are closed for the public holiday, “happy holiday to you and please call again soon when we are open”.

My comrades agreed.

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