Former Tekkie Town, and now FrontierCo Chief Executive Officer (CEO), Bernard Mostert, warned future accountants not to follow in the footsteps of Steinhoff.
Mostert was virtually addressing top performing accounting students, the ‘Pinnacles’, at Nelson Mandela University’s new state-of-the-art new Science Centre and Digital Dome, at its Ocean Sciences Campus.
Steinhoff International was a multinational holding company that was dual listed in Germany and South Africa and later embroiled in the biggest corporate scandal in South African history, due to massive accounting fraud. Its former CEO and accounting guru, Markus Jooste, was at the helm at the time of Steinhoff’s collapse.
Mostert lamented the accounting scandal, which gripped South Africa and the world, during his tenure as CEO of Tekkie Town. The company was bought by Steinhoff, a year before its collapse.
He said the onus was now with the accountants of the future, such as the Pinnacles, to ensure that such an incident never happens again.
“As you move forward in the business world, you should have the ability and freedom to act on something that you see is wrong,” said Mostert.
“You must strive towards a culture in which you can be open, transparent, and honest about everything that reflects the business that you do”.
Pinnacle is a leadership development programme in the School of Accounting, where high-achieving students are developed beyond the classroom during their academic studies towards becoming responsible Charted Accountants/ CA(SA) and into the leadership of tomorrow.
“Today, we come together as a community of visionaries and changemakers, united by a shared belief in the potential of nurturing relationships and harnessing collective expertise to build stronger, more interconnected networks to empower the next generation,” said Professor Amanda Singleton (above), Head of the Department of Accounting Sciences at the University.
“We view the Pinnacle leadership development programme as a key incubator for our bright young minds and the success of this programme is not possible without the sponsorship from many in the room today, particularly BDO, who sponsored today’s event,”.
Hosted by the accounting students and their coordinator, Jessica Raper
Former Pinnacles, lecturers, and representatives from world-leading accounting firms, such as BDO, Deloitte, EY, KPMG, PwC, Moore, PKF, and Mazars attended the launch.
Siyabonga Mthembu highlighted the need not just to produce qualified accountants, but leaders who are adaptable to change, citing the likes of Nelson Mandela and Steve Jobs.
Just as Mthembu was part of the Thuthuka programme in 2006, providing bursaries by South African Institute of Chartered Accountants’ (SAICA) to assist African and Coloured students to become CA(SA)’s, the Pinnacle leadership programme also seeks to position their students to “think bigger”.
CTA (Accounting Honours) student and Pinnacle, Adriaan Jordaan, revelled at the opportunity to rub shoulders with established accountants, as well as take inspiration in former Pinnacles working abroad.
“The Pinnacle leadership programme has changed my perspective and has opened a world of opportunities that I did not know existed,” said Adriaan.
Former Pinnacle, Alexa Vaughan, credits the leadership programme as a huge part of her professional growth.
“I had to prepare speeches, present, and understand my audience during my time as a Pinnacle, and I have taken this into the world as a first-year intern clerk at PKF.
“I have had many jobs with different types of clients, issues, personalities, and had to adapt, by using my Pinnacle skills, to be able to communicate with clients efficiently and professionally,” said Alexa.
Jessica Raper also focused on the impact former Pinnacles are making in the world, 21 of which are new CA’s and some doing their articles are taking up the opportunities this designation offers globally; truly embracing their motto of ‘thinking bigger’.
In addition to networking opportunities, Pinnacles and attendees were treated to the immersive screen of the Science Dome, an experience unlike any other the students were ever exposed to.
Never miss a story from us, get weekly updates in your inbox.