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07 November 2023 | Story Anthony Mthembu | Photo SUPPLIED
Katherine Swartland
Katherine Swartland, a representative from Allan Gray addressing the delegation at the Allan Gray Achievement Awards, hosted on the UFS’s Bloemfontein Campus.

The Faculty of Economics and Management Sciences (EMS) at the University of the Free State (UFS), in collaboration with Allan Gray, proudly hosted the annual Allan Gray Achievement Awards on 11 October 2023. This special event, held at the Awela Restaurant on the UFS’s Bloemfontein campus, was designed to celebrate the academic achievements of top-performing students within the faculty, recognising their excellence based on their year of study. 

The award ceremony was attended by distinguished members of the EMS Faculty, the Commercio Students Association, and a delegation from Allan Gray, including Katherine Swartland, Managing Business Analyst, Yonela Makalima, Business Analyst, and Steven Motloung, Manager. The evening's guest speaker was Liz Letsoalo, a renowned entrepreneur and TEDx speaker. Notably, this ceremony marked a significant return to in-person events since the outbreak of the COVID-19 pandemic, and Katherine Swartland, who served as the programme director, described this resurgence as truly exciting. 

The award winners

The Allan Gray Achievement Awards highlighted outstanding students from various year levels. In the second-year category, Modisaotsile Seekoei received a prestigious award of R5 000 along with a Thule backpack, while Melissa Mlotshwa was granted a prize of R3 000. Among the third-year students, Anthea Ralane was recognised with an award of R8 000 and a Thule backpack, and Modiehi Mpakathe was the recipient of a R5 000 prize. In the fourth-year category, Kelebogile Motlhanke earned a remarkable R12 000 reward and a Thule backpack, and Rykers Lues was presented with a prize worth R8 000. 

Although not all students attending the ceremony received awards, Prof Brownhilder Neneh, the Vice Dean for Research Engagement and Internationalisation, aptly reminded the audience, ’It is important to recognise that each of you here is already a winner, as your presence signifies that you are among the top achievers in your field. You have demonstrated that with passion, perseverance, and a commitment to your goals, there are no limits to what you can accomplish.’’ 

A longstanding relationship

The Allan Gray Achievement Awards holds deep roots in a special relationship between the UFS and Allan Gray. Swartland noted that this initiative was founded by Faizil Jakoet, an executive at Allan Gray, and the awards ceremony, in part, celebrates the continued partnership between the UFS and Allan Gray. This enduring relationship has thrived for over a decade, despite changes in leadership, creating opportunities for meaningful engagement between Allan Gray and UFS students. Swartland further emphasised the importance of this bond, saying, ‘’Another special relationship is formed every time we visit the UFS, between us and you, a lot of exceptional students.” 

As the event approached its conclusion, the audience had the privilege of hearing from guest speaker Liz Letsoalo, Founder of Masodi Organics, a prominent beauty and wellness brand. Letsoalo’s address centered on the ‘practicality of creating’, encouraging students to view themselves as creators, allowing them to pivot and adapt as their aspirations evolve. She urged students to stay dedicated to their dreams, emphasising that taking necessary actions and persevering is essential to turning their dreams into reality.

The Allan Gray Achievement Awards signify the remarkable achievements and potential of the UFS EMS Faculty students. This event not only celebrates academic excellence, but also reinforces the enduring partnership between the University of the Free State and Allan Gray, paving the way for further opportunities and engagement.

News Archive

The failure of the law
2004-06-04

 

Written by Lacea Loader

- Call for the protection of consumers’ and tax payers rights against corporate companies

An expert in commercial law has called for reforms to the Companies Act to protect the rights of consumers and investors.

“Consumers and tax payers are lulled into thinking the law protects them when it definitely does not,” said Prof Dines Gihwala this week during his inaugural lecture at the University of the Free State’s (UFS).

Prof Gihwala, vice-chairperson of the UFS Council, was inaugurated as extraordinary professor in commercial law at the UFS’s Faculty of Law.

He said that consumers, tax payers and shareholders think they can look to the law for an effective curb on the enormous power for ill that big business wields.

“Once the public is involved, the activities of big business must be controlled and regulated. It is the responsibility of the law to oversee and supervise such control and regulation,” said Prof Gihwala.

He said that, when undesirable consequences occur despite laws enacted specifically to prevent such results, it must be fair to suggest that the law has failed.

“The actual perpetrators of the undesirable behaviour seldom pay for it in any sense, not even when criminal conduct is involved. If directors of companies are criminally charged and convicted, the penalty is invariably a fine imposed on the company. So, ironically, it is the money of tax payers that is spent on investigating criminal conduct, formulating charges and ultimately prosecuting the culprits involved in corporate malpractice,” said Prof Gihwala.

According to Prof Gihwala the law continuously fails to hold companies meaningfully accountable to good and honest business values.

“Insider trading is a crime and, although legislation was introduced in 1998 to curb it, not a single successful criminal prosecution has taken place. While the law appears to be offering the public protection against unacceptable business behaviour, it does no such thing – the law cannot act as a deterrent if it is inadequate or not being enforced,” he said.

The government believed it was important to facilitate access to the country’s economic resources by those who had been denied it in the past. The Broad Based Economic Empowerment Act of 2003 (BBEE), is legislation to do just that. “We should be asking ourselves whether it is really possible for an individual, handicapped by the inequities of the past, to compete in the real business world even though the BBEE Act is now part of the law?,” said Prof Gihwala.

Prof Gihwala said that judges prefer to follow precedent instead of taking bold initiative. “Following precedent is safe at a personal level. To do so will elicit no outcry of disapproval and one’s professional reputation is protected. The law needs to evolve and it is the responsibility of the judiciary to see that it happens in an orderly fashion. Courts often take the easy way out, and when the opportunity to be bold and creative presents itself, it is ignored,” he said.

“Perhaps we are expecting too much from the courts. If changes are to be made to the level of protection to the investing public by the law, Parliament must play its proper role. It is desirable for Parliament to be proactive. Those tasked with the responsibility of rewriting our Companies Act should be bold and imaginative. They should remove once and for all those parts of our common law which frustrate the ideals of our Constitution, and in particular those which conflict with the principles of the BBEE Act,” said Prof Gihwala.

According to Prof Gihwala, the following reforms are necessary:

• establishing a unit that is part of the office of the Registrar of Companies to bolster a whole inspectorate in regard to companies’ affairs;
• companies who are liable to pay a fine or fines, should have the right to take action to recover that fine from those responsible for the conduct;
• and serious transgression of the law should allow for imprisonment only – there should be no room for the payment of fines.
 

Prof Gihwala ended the lecture by saying: “If the opportunity to re-work the Companies Act is not grabbed with both hands, we will witness yet another failure in the law. Even more people will come to believe that the law is stupid and that it has made fools of them. And that would be the worst possible news in our developing democracy, where we are struggling to ensure that the Rule of Law prevails and that every one of us has respect for the law”.

 

 

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