Fat Cats, Slim Pickings: An Examination of Corporate Corruption and the Efficacy of Existing Countermeasures in South Africa

Abstract

Corruption in the public sphere traditionally attracts greater attention than private sector corruption. However, the corporate sector's involvement in corruption and related activities, though complex and less obvious, should not be underestimated. The need to combat corporate corruption is recognised under a range of international and regional legal instruments, and in different jurisdictions. It is generally understood that a multi-faceted approach to the problem is required, extending beyond ordinary criminal law measures, and including fundamental principles of corporate governance. Arguably, South Africa has one of the most advanced legal and corporate governance frameworks available to deal with the problem of corporate corruption. This article examines the scope and efficacy of these measures. In some respects, South Africa faces very particular challenges regarding corruption. In other respects, however, the challenges posed for dealing effectively with corporate corruption in the South African context echo those experienced in other jurisdictions.