Jacques Booysen, the former chief executive of the Gauteng Gambling Board, has joined Tsogo Sun Gaming as a director. This means he now directs new business developments at a company he used to regulate.
Booysen's move reignites the debate about the need for a cooling-off period for senior state employees before they can join a company that they used to deal closely with in their official capacity.
The issue of a cooling-off period has been of national concern. Last year cabinet appointed a task team, led by Geraldine Fraser-Moleketi, the minister of public service and administration, to come up with a policy on the matter. The team still has to report back.
Tony Dixon, head of the Institute of Directors, said that the issue of revolving doors was one that still needed to be effectively addressed in South Africa. He noted that it was a concern in many sectors of commercial life and not limited to the movement of former government officials.
"There is a requirement for auditors to have a cooling-off period before they take up employment with a former client," said Dixon, who added that this period did not necessarily deal with the situation adequately.
Dixon, who was attending the 12th conference of the International Corporate Governance Network in Cape Town, told Business Report that the situation was particularly troubling when it involved an individual who might have had access to sensitive and competitive information. This could give the new employer a possibly unintended advantage. However, Dixon also said that it was unfair to prohibit people from taking up new employment opportunities.
full story from Business Report here