It seems there’s no stopping the JSE — no matter how much you might want to. Among the recent batch of amendments, which have been coming thick and fast in the past few months, is reference to the requirement for a gender diversity policy. It seems there’s no stopping the JSE — no matter how much you might want to. Among the recent batch of amendments, which have been coming thick and fast in the past few months, is reference to the requirement for a gender diversity policy.The new amendment will require the directors to have “a policy on the promotion of gender diversity at board level”. In future, listed companies will have to inform shareholders (in their annual reports) how the board has considered and applied the policy of gender diversity in the nomination and appointment of directors.So there’s another box that will have to be added to the very long list of corporate governance boxes that have to be ticked off.Meanwhile, signs are that there of a bit of a backlash against the recent amendments relating to a shortening of reporting periods. In future, interim results will have to be published within two months of the close of the reporting period, down from three. And annual reports will have to be distributed within four months, rather than six, of the year-end.These shorter deadlines seem reasonable and doable given the much improved access to computerised information systems, which should be able to spew out the data within days. Although there could, of course, be delays with things like associates. The new annual report deadline shouldn’t be too tough given that most of the contents of an annual report can be drawn up before year-end. But no doubt there will be some very good reasons why shorter is not possible, or even preferable.Shoprite’s reckless lending probestory_article_left1It is encouraging to see that the National Credit Regulator appears to have upped its game in recent months. After a prolonged period of seeming to do nothing more than protest how busy and effective it was, the NCR has finally got down to monitoring implementation of the National Credit Act by the powerful retailers.Last week, Shoprite was the third high-profile retailer to be fingered for breaching the act. After investigations into some of its business practices, the regulator has referred Shoprite and some of its subsidiaries to the National Consumer Tribunal. This follows a similar referral of Lewis in July and JD Group in August.Although the allegations are similar, Shoprite’s share price has, so far, not suffered the same gouging that greeted the news that Lewis had been referred. It may be that investors have become inured to the allegations and, because nothing has so far emerged from the Consumer Tribunal, assume that contraventions of the act carry no consequences.But the Consumer Tribunal is far from inactive; that we haven’t seen an outcome on the allegations against Lewis or JD Group is because of the slowness of the legal process that begins once a case is referred.Salga’s ridiculous payThis year’s award, if there were one, for the most obscenely inappropriate executive pay would have to go to Xolile George, CEO of the SA Local Government Association (Salga). George was showered with an extra R900 000 for his efforts in financial 2015, which brought the value of his remuneration up to R4.5 million. In Parliament last week, when asked by MPs about the increase, Salga chairman Thabo Manyoni appeared to distance himself from any responsibility. He explained that Salga had an independent remuneration committee, consisting of independent members, who made the recommendations.If this sounds depressingly familiar it’s because Manyoni is merely parroting the sort of explanations provided by company executives when challenged about their generous pay awards. These go along the lines: “Our remuneration is justified because it was determined, not by us, but by independent members of our remuneration committee. It is therefore scientific and includes no element of cronyism.”Somehow these independent members of the remuneration committee believe Salga’s CEO is worth more than national government ministers, directors-general and even the president. If this is the case, taxpayers should be provided with the reasons why.According to its website, Salga is an autonomous association of the country’s 278 municipalities and, in terms of its mandate, is “the voice and sole representative of local government”. Its role, according to Salga, includes transforming local government to enable it to fulfil its developmental objective and develop capacity within municipalities. Whether or not it’s been effective in performing its role seems unimportant.It’s hardly surprising Salga has done what listed companies do; in both instances the people who are financing this largesse — taxpayers and shareholders respectively — are not holding them to account.Sassa and the government’s most valuable contractEighteen months and presumably tens of millions of rand of legal fees later, there doesn’t seem much to show for all the challenges to Net1 UEPS’s firm hold on the contract to distribute more than R120 billion in social grants.This frustrating situation highlights just why Corruption Watch is correct when it calls for a fast-track process for investigating and remedying cases of tender fraud...