'What I learnt about preventing corruption' - Stephen van Coller
Digital services company EOH was a market favourite in 2017 but when a corruption scandal hit, the share price plummeted.
EOH is one of Africa’s largest information and communications technology companies.
Current CEO Stephen van Coller had to jump into a lion's den to help restore the company's reputation.
He shares with The Money Show some of his advice on how to prevent corruption.
Rule number one? Codes of ethics are not enough.
This business grew very fast. When it gets big so fast you don't know always what goes on everywhere. People are corrupt, not businesses. But even if you put in the best systems- if you don't have great people they're going to find a way - but at least the systems help you manage it early. If you're listed you have an obligation to make sure the systems are there.Stephen van Coller, CEO - EOH
In some countries you need a middle man but you need to deal with the middle man properly - it can't be friends and family - there must be proper process. You must make sure they subscribe to your code of ethics. In our case we didn't have that.Stephen van Coller, CEO - EOH
You expect people to have the same kind of views you have but there are people out there who are out to make money and steal money and they don't feel bad about it. Now I have a checklist of things and if some of them are not there, they'll have to be red-flagged.Stephen van Coller, CEO - EOH
Listen to the entire sound clip below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.
Marc Lubner on the NGO's programmes for young South Africans and how working with Nelson Mandela inspired his life's work.Read More
Involved in an accident you didn't cause? Third party claims don't pay out much. Wendy Knowler shares one driver's horror story.Read More
Liberty's David Munro tells The Money Show its R3b pandemic reserve shows the insurer 'truly living out its purpose'.Read More
Despite being one of the few animals that think about the future, we don’t think far enoughRead More
The Money Show's Bruce Whitfield interviews Johannesburg Stock Exchange boss, Leila Fourie.Read More
Treasury said that government departments would no longer be allowed to choose suppliers and would have to resort to open tender processes in awarding contracts for PPE and COVID-19-related goods and services.Read More
Fit SA spokesperson Grant Austin says 48% of gyms won't be able to reopen if the industry does start operating soon.Read More
The bank is one of only six in the world to be recognised in this way for outstanding performance during the global health crisis.Read More
Nike's hit the mark, again, with its latest tv ad campaign. Branding expert Andy Rice awards it this week's hero's rating.Read More
'We still believe in the future of the economy' - CEO Werner de Jager explains why Cashbuild is taking on debt to clinch the deal.Read More