FACE it – From the Editor · Standard Bank, and students from the African Leadership Academy...

University of Johannesburg, Faculty of Economic and Financial Sciences 011 559 2492

Finance and InvestmentAccountancy

Commercial AccountingEconomics and Econometrics

November 2013Volume 6

CONTENT

FACE it – From the Editor 1

At the coalFACE 2

Out of the FACE 10

InterFACE 15

The FACE Room 18

Below the surFACE 24

Fancy FACE 28

EDITORS:

WITH ALL DUE RESPECT …

The statement ‘with all due respect’ is a very curious expression. We hear it quite often in formal situations, but also in casual conversation. I personally hear it regularly at meetings. I usually attend a number of meetings at UJ, of all kinds, at various levels and constituted of a diversity of individuals. Every so often someone, be it the chair or a self-opinionated member of a meeting, would preface a comment with ‘with all due respect’.

I am sorry to say this, and perhaps I should start by saying, with all due respect that when I hear the expression I feel like reaching deep into myself and wrenching out my guts. That phrase is probably the most overused, tired, superficial, and patronising expression I have ever heard. I was thus prompted to start thinking about the expression and even ‘google’ it. Much of what I found on the internet resonates fairly well with my views.

Now, the Cambridge online dictionary defines it as a statement “used to express polite disagreement in a formal situation.” According to a comment posted on English-test.net, “We often use it with people of a high social or professional rank than ours.” My view, based on my observations, is that often it is used as neither an expression of polite disagreement (even if so presumed) nor limited to addressing those with a higher social or professional rank than oneself. This does not mean that it is never used with sincere intentions of respect in disagreement. Unfortunately, my observations have shown that this has been rarely the case.

Clearly, many who love using the expression believe that by using it, they are somehow permitted to be rude, insulting, or simply tactless. You can rest-assured that if someone starts with the phrase, ‘with all due respect’ it is bound to be trailed by something rude or insulting. For example, imagine telling someone at a meeting – “With all due respect, your proposal needs to be given more thought.” Just to make the point, add a “sir” to it (“With all due respect, sir”). The very use of that opening expression could

effectively be a patronising way of telling the other “your proposal isn’t worth @#$$.” (Pardon my French. How’s that for another expression – a licence to be crass?)

The internet abounds with examples of the usage of the expression, ‘with all due respect’ as a permissible means of insulting others or being rude. I believe that its usage goes beyond simply insulting another. One may use it as a way of implying: how clever one is; one’s opinion is worth much more than another; that although another is of a higher rank, one’s view is based on superior intellect; and so on.

In trying to recall, ways in which the expression has been used, some examples come immediately to mind, which many may probably relate to.

‘With all due respect, you do not may any sense.’ (Translation: ‘You are an idiot.’)

‘With all due respect, I have made my point and have nothing further to say.’ (Translation: ‘Take a hike.’)

‘With all due respect, your suggestion will not work.’ (Translation: ‘Your suggestion stinks.’)

‘With all due respect, I have not been given a chance to make my point.’ (Translation: ‘If only you would shut up and listen to me.’)

‘With all due respect, I do not agree with you.’ (Translation: ‘I disagree, and I couldn’t give a damn if you don’t like it.’)

‘With all due respect, the matter is now closed.’ (Translation: ‘Go fly a kite or jump in a lake.’)

I could go on with such examples. My point has been made. The mere use of the expression ‘with all due respect’ in prefacing a comment/statement more often than not, suggests underlying disrespect.

FACE it – From the Editor

FACE | November 2013 | Volume 6

2

ACCOUNTANCY@UJ

In 2013 UJ graduates achieved an excellent first attempt pass rate of 90% in SAICA’s Initial Test of Competence (ITC). UJ delivered 294 successful candidates in the ITC, re-affirming its position as the biggest residential provider of Chartered Accountants in South Africa. Moreover, UJ produced the highest number of successful Black candidates amongst residential universities in the 2013 ITC exam, accounting for 23% of African students who passed the exam. Furthermore, two UJ candidates were placed in the TOP 10, with one taking the first position.

RESULTS OF UJ CANDIDATES IN THE QE 1 / ITC EXAMINATION

2009 2010 2011 2012 2013

UJ Candidates that passed 241 254 232 256 294

UJ First-time pass rate 86% 87% 89% 86% 90%

National pass rate (All candidates) 58% 51% 64% 64% 73%

National First-time pass rate 79% 73% 80% 78% 86%

IMF VISITS UJ. REPORT BY MAGDA K WILSON

The Department of Economics and Econometrics was visited by the International Monetary Fund’s (IMF) Country Director, Dr Axel Schimmelpfennig, on 16 May 2013. He delivered a presentation entitled, “Building Momentum in a Multi-speed World: Regional Economic Outlook for Sub-Saharan Africa”. In his presentation, he highlighted the continued stagnant growth in Europe, projected to continue in the next 5 to 10 years, compounded by the slowdown of emerging economies, particularly China, since the 2008/09 global economic and financial crisis. This is not very good news for countries such as South Africa, which relies on developed and emerging economies for trade and investment.

He argued that to re-float the global economy after the 2008/09 crisis, unconventional monetary policy such as quantitative easing (increase in money supply) in the United States of America (USA) had to be adopted. Given that our systems are very well connected to the world, Dr Schimmelpfennig hoped that such innovations would not bring unwanted impacts on African economies. But alas, we have already experienced rapid depreciation of the rand in the

last few weeks, to almost R10.30 to the dollar, which is attributed to expectations of tapering off of quantitative easing in the USA.

And so, what does a stagnant world economy mean for South Africa? He highlighted there would be weak demand for our exports, especially in manufacturing. But there is hope, since the 30% share of exports to the European Union (EU) has now been taken up by SADC. This suggests that South Africa should further explore possibilities in Africa. He mentioned factors, however, that may impede the pursuit of these possibilities, such as investment uncertainty, strike activity in the mining sector, power constraints by Eskom, weak business confidence and insufficient infrastructure development.

Those who attended the presentation were students and staff from various universities (UJ, Wits, Unisa), representatives of various financial institutions, such as Standard and Poor’s and Standard Bank, and students from the African Leadership Academy (ALA). A good discussion followed the presentation when Dr Schimmelpfennig dealt with questions on debt sustainability and the National Development Plan.

CENTRE FOR COMPETITION ECONOMICS WINTER SCHOOL

The Centre for Competition Economics recently held a Winter School targeted at competition authorities across southern and east Africa. The school attracted approximately 50 participants from Botswana, Kenya, Namibia, South Africa, Swaziland and Zimbabwe who engaged in an intensive two days covering the key principles and tests in competition economics. The sessions drew on South African cases, which set out the appropriate tests, as well as the evidence and analysis required. The course was strongly oriented to how to undertake analysis in practice. The Centre was established in 2011 under the direction of Professor Simon Roberts and it aims to develop teaching and research in the field. The Centre draws together numerous lecturers and associates who are leaders in the competition economics field.

The work of the Centre meets an important need. As Competition Commissioner of South Africa, Shan Ramburuth, noted in the foreword to a recent book co-edited by Prof Roberts, “I can only echo the call from the two editors for greater attention to be paid to competition law and economics in the country’s universities”. The field of competition economics is rapidly growing and there is a need to widen the knowledge in this field.

Note the Centre recently changed its name to the Centre for Competition, Regulation and Economic Development in order to capture more appropriately the range of work that it covers.

Centre website: www.uj.ac.za/cce

At the coalFACE

Winter school participants during one of the sessions


3

OPEN DAY 2013

We once again had successful open days at UJ on 10 and 11 May 2013, with approximately 25 000 visitors on APK and 4 500 at SWC over those two days.

We would like to thank all the wonderful staff members and students of the Faculty, for long hours of standing and sharing valuable information to potential students. The number of

applications has also increased this year. On APK we have received 1 067 in contrast to only 347 in 2012, and on SWC we received 91 in contrast to last year’s 21.Our Faculty also boasts two overall stall prizes: On APK our Department of Finance and Investment Management received a prize for 6th position and on SWC our Department of Commercial Accounting received the prize for 2nd position. Well done!

Commercial Accounting’s second place stall

Marie and Shaun marketing at the 6th place stall

Ms Ronel Otto receiving the prize for the 2nd best stall on SWC on behalf of the Department of Commercial Accounting, from Prof

Kinta Burger and Mr Rudy Petersen

Killer killing his I-pad on the day

Commercial Accounting’s proud staff members

Ms Ronel Otto receiving the prize on behalf of the Department of Finance and Investment from Prof Kinta Burger and Mr Rudy

Petersen, for the 6th best stall on APK


4

PUBLIC LECTURE: MINISTER OF FINANCE, PRAVIN GORDHAN

The Faculty of Economic and Financial Sciences and the Library and Information Centre of UJ, had the privilege of hosting Minister Pravin Gordhan at a public lecture on 25 April 2013. Minister Gordhan spoke on the following topic: “Addressing South Africa’s national development imperatives whilst ensuring fiscal sustainability – challenges and choices.” His presentation also covered the implications of his latest national budget for the business sector,

as well as financial and enterprise development programmes and specific aspects relating to tax and expenditure.

The public lecture was a prestigious event, and was well-attended by various stakeholders, staff and students from UJ. Excellent coverage by the media ensured that the UJ appeared on national television and a variety of newspapers.

ECONOMICS AND ECONOMETRICS SEMINAR SERIES

The Department of Economics and Econometrics hosts a research seminar every Thursday of the academic semester. The aim of these seminars is for presenters to get feedback on their work and to expose staff to the work and knowledge of other researchers. Staff and students from the Department present their research during these sessions and researchers from other universities and institutions are also invited to present their research. Some of the visitors so far for 2013 include: Prof Meshach Aziakpono from University

of Stellenbosch Business School, Prof Gary Magee from Monash Australia, Mr Requier Wait from North-West University (NWU) and Prof Dori Posel from the University of KwaZulu-Natal (UKZN). The Departmental Seminar Series was fully booked during the second semester with mostly staff presentations. Seminars by Prof Alex Zimper (UP) and Ms Carike Claasen (NWU) took place in August and in October respectively.

From left to right: Prof Derick Blaauw and Ms Magda Kasyoka Wilson from the Economics and Econometrics Department, Mr

Requier Wait, Prof Ewert Kleynhans and Dr Henri Bezuidenhout from the School of Economics of North-West University,

Potchefstroom. Mr Requier presented fascinating research on “The structure of petroleum fiscal systems for the oil sector in

Africa” during the seminar on 9 May 2013.

Minister Pravin Gordhan

From left to right: Mr Mdu Biyase, Prof Dori Posel (from UKZN), Prof Lumengo Bonga-Bonga and Ms Magda Kasyoka Wilson.

Prof Posel presented research on “Measured as poor vs. feeling poor: A comparison of subjective and objective measures of poverty in South Africa” during the seminar on 23 May 2013.

Prof Ihron Resburg, Minister Pravin Gordhan and Prof Henk Kriek


5

ECONOMICS LECTURER PUBLISHES IN TOP JOURNAL

Dr Isaac Kanyama recently published a paper entitled “Access to Credit by Firms in Sub-Saharan Africa: How Relevant Is Gender?” in a very prestigious economics journal. The paper was initially presented at the annual meeting of the Allied Social Sciences Association, which is a group of academic and professional organisations that are officially recognised by the American Economic Association (AEA). The annual conference for 2013 took place in San Diego, California from 4 to 6 January. Dr Kanyama presented the paper at this conference in the session dedicated to “Women and Economic Development in Africa”. The paper was thereafter accepted for publication in the American Economic Review Papers and Proceedings. The paper was published in the May 2013 American Economic Review (113(3): 293–297). It was co-authored with Elizabeth Asiedu (University of Kansas), Leonce Ndikumana (University of Massachusetts) and Akwasi Nti-Addae (University of Kansas). According to Professor

Lumengo Bonga-Bonga, the Head of the Department of Economics and Econometrics, this was the first paper he was aware of, that had been published by a South African scholar in this highly ranked journal in the economics profession.

The paper investigates whether female-owned businesses are more financially constrained than male-owned businesses in Sub-Saharan Africa. The research is based on more than 7 715 firms in 25 countries, using firm-level data from the World Bank Enterprise Survey (WBES). The study also uses firm-level data for firms in Latin America and the Caribbean, East Asia and Pacific, and East and Central Europe. In total, 34 342 businesses in 90 developing countries are included in the study. The other developing regions have been included for comparison purposes with regard to sub-Saharan Africa. The results show that female-owned firms in sub-Saharan Africa are more likely to be financially constrained than male-owned

firms, but there is no gender gap in other developing regions. The gender gap in sub-Saharan Africa is robust to variations in specifications and econometric estimation procedures. The analysis controls firm size, ownership status of the firms, financial transparency, technological capability and macroeconomic variables (inflation rates and the credit to the private sector).

Dr Kanyama also recently published in Applied Economics (45(29): 4169–4169). The title of this paper is “Time-Varying Parameters in the Almost Ideal Demand System and the Rotterdam Model: Will the best specification please stand up?” This paper is the result of his doctoral research at the University of Kansas, in Lawrence, KS, USA. The paper is co-authored with Professor William Barnett of the University of Kansas. The paper uses Monte Carlo simulations to assess the ability of the Rotterdam Model (RM) and of three versions of the Almost Ideal Demand System (AIDS) in recovering

the time-varying elasticities of a true demand system and to satisfy theoretical regularity. The finding of the paper is that the RM performs better than the linear-approximate AIDS at recovering the sign of all the time-varying elasticities. More importantly, the RM has the ability to track the paths of the time-varying income elasticities, even when the true values are very high. The linear-approximate AIDS not only performs poorly at recovering the time-varying elasticities but also badly approximates the nonlinear AIDS model.

PUBLIC LECTURE: NOBEL PRIZE LAUREATE, PROFESSOR MUHAMMAD YUNUS

In a joint collaboration the Faculty of Economic and Financial Sciences, the Faculty of Management and the Library and Information Centre, had the privilege to host this “Banker to the Poor” at a public lecture on Thursday 3 October 2013. He spoke on the topic: Micro financing for poverty alleviation.

Professor Muhammad Yunus has always been convinced that credit is a fundamental human right and he established the Grameen Bank in Bangladesh in 1983. He provided loans to poor people on terms that suited them and also taught them sound financial principles so they could help themselves. Today there are a number of banks like the Grameen Bank, operating in more than 100 countries worldwide.

Prof Mohammad Yunus 2006 Nobel Prize Laureate Professors Yunus and Chetty

Dr Isaac Kanyama


6

PUBLIC LECTURE: DEPUTY MINISTER OF FINANCE, NHLANHLA NENE

Deputy Minister Nhlanhla Musa Nene presented a public lecture on 18 October 2013. He spoke on the topic: “The triangle of trust: business, government and labour”. His presentation covered the importance of trust and ethical behavior in the relationship between business, government and labour. His talk was well-received and it stimulated much discussion and debate.

PUBLIC LECTURE: MS PREM GOVENDER

Ms Prem Govender, who currently chairs the South African Savings Institute, presented a public lecture on the topic: “The plight of savings in South Africa: what are our roles?” She spoke about the trend in savings both nationally and globally. She placed much emphasis on the factors that contribute to a low and declining savings rate in South Africa, and how we as a nation can address some of the issues around savings.

Prof Sivan Chetty, Deputy Minister Nhlanhla Nene and Prof Amanda Dempsey

FEFS staff members attending the lecture

Prof Amanda Dempsey and Ms Prem Govender


7

JOURNAL ARTICLES (PUBLISHED 2012)

Title of Journal Year and volume Article Title DepartmentUJ Affiliated Author/s

Other Authors (if applcable)

New Contree 2012, Volume 64 The professionalisation efforts of accountants in the Orange Free State, 1907-1927: an exploration of their first twenty years

Accountancy Heathcote Krysta KR

Journal for New Generation Sciences

2012, Volume 80 An analysis of business continuity risks and related business continuity plans at companies in South Africa

Accountancy Marx Benjamin B Nel Izette I

Meditari: Accountancy Research

2012, Volume 20 A profile of accounting research in South African accounting journals.

Accountancy Coetsee Daniel D Stegmann Nerine N

Journal of Economic and Financial Sciences

2012, Volume 5 Mutuality and regulation: the transition from mutual to public in the South African long-term insurance industry

Accountancy Verhoef Grietjie G~

Image and Text 2012, Volume 20 The printed propaganda of the Communist party of South Africa during World War II

Accountancy Verhoef Grietjie G~ Pretorius Jacqueline JD~Sauthoff Marian MD~


2012, Volume 5 Corporate governance effectiveness and value added at South African higher education institutions: a Registrar’s view

Accountancy Marx Benjamin B Barac K

South African Journal of Economics

2012, Volume 80 Implementing a robust risk model for South African equity markets: a peak-over-threshold approach

Economics & Econometrics

Muteba Mwamba John JW


2012, Volume 5 Alternative energy: modelling conflict within an energy environment


Baur Peter PW

Journal of Competition Law & Economics

2012, Volume 8 Designing appropriate remedies for competition law enforcement: the Pioneer Foods settlement agreement


Bonakele Tembinkosi~Mncube Liberty L~

International Journal of Strategic Property Management

2012, Volume 16 Monetary policy and housing sector dynamics in a large-scale bayesian vector auto-regressive model


Kabundi Alain Gupta AK~ Jurgilas M AN~Miller SM~

South African Journal of Economics

2012, Volume 80 Applying a genetic algorithm to international diversification of equity portfolios: a South African investor perspective


Kabundi Alain AN~Muteba Mwamba John JW~

Studies in Economics and Econometrics

2012, Volume 36 Time varying parameter error correction model approach to forecasting tourist arrivals in South Africa


Botha Ilse I Saayman A

ECONOMIC MODELLING

2012, Volume 29 Recent French relative export performance: is there a competitiveness problem?


Kabundi Alain AN~ Nadal De Simone F

SA Journal of Human Resource Management

2012, Volume 10 The effect of labour market regulation on domestic workers in Orchards and Soshanguve, Pretoria


Blaauw Phillip PF~Viljoen Jacoba JMM~

Matjeke A

South African Journal of Economic and Management Sciences

2012, Volume 15 Foreign direct investment to Africa: trends, dynamics and challenges


Kabundi Alain AN Loots E


8



Acta Commercii 2012, Volume 12 The role and linkages of buy-back centres in the recycling industry: Pretoria and Bloemfontein (South Africa)


Blaauw Phillip PFJ~Viljoen Jacoba JMM~

Schenk CJ

African Journal of Business Management

2012, Volume 6 On the optimality of hedge fund investment strategies: a bayesian skew t distribution model


Muteba Mwamba John JW


2012, Volume 6 Implied volatility of foreign exchange options: a leading indicator for currency crisis identification


Muteba Mwamba John JW~

Majadibodu Andrew Themba AT

Oxford development studies

2012, Volume 40 Sources of sub-sectoral growth in South Africa


Tregenna Fiona FM

International business and economics research journal

2012, Volume 11 Explaining migrant wages: the case of Zimbabwean day labourers in South Africa


Blaauw Phillip PF~Schoeman Christiaan CH~

Schenk CJ~Pretorius A M~

Social Work: A Professional Journal for the Social Worker

2012, Volume 48 What happens during those long hours next to the road? An exploratory study of three informal day-labour hiring sites in Tshwane


Blaauw Phillip PF ~Schenk CJ~Xipu L~

International business and economics research journal

2012, Volume 9 The evolving efficiency of the South African stock exchange


Bonga-Bonga Lumengo L


2012, Volume 6 Budget deficit and long-term interest rates in South Africa



Africa education review

2012, Volume 9 An integrated project aimed at improving student success


Blaauw Phillip PF~Van Zyl Andre A

Journal of Competition Law & Economics

2012, Volume 8 Designing appropriate remedies for competition law enforcement: the Pioneer Foods settlement agreement


Bonakele Tembinkosi~Mncube Liberty L


2012, Volume 5 The role of distribution and volatility specification in value at risk estimation: evidence from the Johannesburg Stock Exchange


Muteba Mwamba John JW~Pretorius Christie Kruger CK~


2012, Volume 5 Geographical and industry differences on remuneration gap-enhanced labour productivity levels in a developing economy: South Africa as a case study


Van Zyl Gerhardus G

African Development Review-Revue Africaine De Developpement

2012, Volume 24 Long life and productivity in South Africa: long burdensome or long healthy?


Ngepah Nicholas NN

South African journal of international affairs

2012, Volume 19 How should young institutions approach competition enforcement? Reflections on South Africa’s experience


Makhaya Gertrude~Roberts Simon SJ~

Mkwanazi W

APPLIED ECONOMICS

2012, Volume 44 What are the distributional implications of halving poverty in South Africa when growth alone is not enough?


Tregenna Fiona FM~

Development Southern Africa

2012, Volume 29 Inequality in South Africa: the distribution of income, expenditure and earnings


Tregenna Fiona FM Tsela M


9




2012, Volume 5 Stokvels as an instrument and channel to extend credit to poor households in South Africa


Schoeman Christiaan CH

Mashigo Polly

Journal of applied business research

2012, Volume 28 Equity prices, monetary policy, and economic activities in emerging market economies: the case of South Africa




2012, Volume 5 Retirement saving behaviour of young adults in the financial services sector

Finance & Investment Management

Eiselen Rietta RJ~Nkoutchou Nkwengoua

Hugue-Nadege H


2012, Volume 6 Using leadership and strategic planning functions to improve management performance: the progress made by small, medium and micro enterprises (SMMEs) in the province of Gauteng, South Africa

Finance & Investment Management

~Pretorius L~Smith Nicolaas NJ~

Ladzani W

CHAPTERS IN BOOK 2012

Publisher Title of Book Title of Contribution

Start Page End Page Total UJ Department

UJ Affiliated Author/s

Tafelberg Geskiedenis van Suid Afrika: Van voortye tot vandag

Suid-Afrika se ekonomie in die 20ste eeu

453 480 28 Accountancy Verhoef Grietjie G

Oxford World Insurance: The evolution of a Global Risk Network

South Africa: leading African insurance


Emerald Group Publishing Limited

A Global History of Accounting, Financial Reporting and Public Policy: Eurasia, the Middle East and Africa

Chapter 6: South Africa


Tafelberg Geskiedenis van Suid-Afrika: Van voortye tot vandag

‘n Ekonomiese geskiedenis van die 19de eeu


Routledge The Global Economic Crisis and the Developing World: Implications and Prospects for Recovery and Growth

Inequality and unemployment in the growth and recovery process: a case study of South Africa

277 294 18 Economics & Econometrics

Tregenna Fiona FM


10

A HISTORICAL MOMENT FOR THE FACULTY WITH FORMER HEAVY WEIGHTS AT THE FAREWELL OF PROF HENK KRIEK A farewell party held in honour of Prof Henk Kriek, Deputy Vice-Chancellor: Finance, who left UJ to join the “King Abdullah University for Science and Technology” in Saudi Arabia. Earlier this year, served as an opportune moment for the gathering of outstanding individuals who have in some way or the other played a role in shaping the Faculty of Economic and Financial Sciences – past and present.

The farewell was attended by former staff members who played a significant role in the Faculty and University. They were:

Mr Steve Rossouw – Former Lecturer at the Department of Accountancy in the early years of RAU. Investment Consultant and Advisor to the University as well as Trustee of the University Trust and of the Pension Fund;Prof Koert Mans – Former Professor of Accountancy, Former Dean of the Faculty of Economic and Management Sciences, retired Registrar of Finance at RAU (akin to the current position of DVC Finance);Prof Henk Kriek – Former Professor of Accountancy, Former Dean of the Faculty of Economic and Financial Sciences, DVC Finance at UJ;Prof Amanda Dempsey – Current Dean of the Faculty of the Faculty of Economic and Financial Sciences; and

Prof Hennie Pieters – Former Professor of Accountancy, Retired Dean of Student affairs.

DEPARTMENT OF ECONOMICS AND ECONOMETRICS HOSTS ANNUAL PRIZE-GIVING FUNCTION

The annual prize-giving function for top student achievers of the Department of Economics and Econometrics was held at the Johannesburg Country Club on 18 April 2013. The function was

sponsored by Economic Research Southern Africa (ERSA) and Genesis Analytics. Mr Taz Chaponda, Principal of Genesis Analytics, was the speaker for the evening.

Prof Alain Kabundi has been appointed on the editorial board of the South African Journal of Economics (SAJE). Prof Kabundi is now one of the sub-editors of this prestigious journal.

Mrs Marinda Pretorius has been selected as Member of Council for the Economic Society of South Africa (ESSA). She was appointed as Treasurer of the Society.

Out of the FACE

From left to right: Mr Steve Rossouw, Prof Koert Mans, Prof Henk Kriek, Prof Amanda Dempsey and Prof Hennie Pieters

Mr Taz Chaponda Prof Bonga-Bonga with the top achievers


11

ERNST & YOUNG TAX PROFESSIONAL OF THE YEAR AWARDS

Another feather in the cap of the Accountancy Department!

Two former UJ students, Daniel Dias and Jacob Shipalane, were in the top eight finalists of the Ernst and Young tax professional of the year award were students study tax up to a masters level compete against each other.

Daniel Dias and Jacob Shipalane were awarded second and third place respectively. Jacob is currently busy with his MCom studies at UJ. We wish him well and we are sure that the knowledge and skills that he will acquire during his studies will stand him in good stead for the future.

HONORARY DOCTORAL DEGREES AWARDED BY FEFS DURING THE MARCH 2013 GRADUATION CEREMONIES

The Faculty of Economic and Financial Sciences is proud to have awarded honorary doctoral degrees to two worthy candidates.

The first was awarded to Dr Suresh Kana, Territory Senior Partner for PWC Africa, on 13 March 2013. The second was awarded to Dr Sizwe Nxasana, CEO of First Rand Limited, on 20 March 2013.

PROF ALEX VAN DER WATT MAKES HISTORY AS NEW BOARD MEMBER ON THE REGULATORY BOARD FOR AUDITORS (IRBA)

Finance Minister Pravin Gordhan has appointed a new eight-member Independent Regulatory Board for Auditors (IRBA), the Statutory Body announced on 4 June.

“The appointed members come from various backgrounds, including law, academic and accountancy,” the IRBA said in a statement. “Between them is a wealth of experience that will help the IRBA continue to serve as the protector of public interests, and to grow the confidence of investors,

thereby stimulating economic growth and investment.”

The Board assumed its duties on 1 April. The IRBA is a statutory body, which controls that part of the accountancy profession involved with public accountancy in South Africa.

The Board includes Willem van der Linde SC, Yunus Suleman CA (SA), Cynthia Mbili CA (SA), Iqbal Khan CA (SA) and Prof Lindelwa Majova-Songca CA (SA), who all served on the previous Board.

Rene Kenosi CA (SA), Pule Mothibe CA (SA), and Prof Alex van der Watt joined the Board as new members. Van der Linde would chair the Board and Suleman would be his deputy.

IRBA CEO Bernard Agulhas welcomed the new Board, “We are confident that they will continue to lead the IRBA in its role as public protector and enhance the good work that it has come to be known for”. (Sapa: 4 June 2013) This article also appearson the UJ Website.

Young Tax Professional of the Year finalists Jacob Shipelane

Prof Amanda Dempsey and Dr Sizwe NxazanaProf Alex van der Watt, Dr Suresh Kana and Prof Ben Marx


12

NEW DIRECTOR APPOINTMENT ON SAFEFE

The South African Foundation for Economic and Financial Education (SAFEFE) is the leading organisation in South Africa in the field of economic and financial education. Through partnerships and collaboration with the US-based Council for Economic Education, SAICA, the SARB and various Departments of Education, it has presented a range of workshops to teachers and learners on economic and financial literacy. Recently, SAFEFE appointed new directors to serve on its board alongside Dr MS Rakumetsi (CEO of Umalusi), Prof Herman van Schalkwyk (Rector of the Potchefstroom Campus of the North-West University) and Prof Claudia Parliament (Professor at the

University of Minnesota and Director of Minnesota Council on Economic Education). One of the new Director appointments is that of Arnold Wentzel (UJ Department of Economics and Econometrics) who will serve for the next five years. The appointment is in recognition of the role he has played in promoting economic education in various provinces across South Africa.

Economic and financial literacy is critical if people are to derive benefit from the freedom they enjoy in a country like South Africa. In providing economic education, the Department of Economics and Econometrics therefore found an ideal way to contribute to citizens’ freedom and well-being. In partnership

with the South African Foundation for Economic and Financial Education (SAFEFE), the Department has placed emphasis on the training of teachers in secondary schools in economics and active learning strategies. Since teachers touch the lives of many people, this enables the Department to directly and indirectly reach a large number people. The most recent workshop was held for close to 50 teachers across Gauteng on 8 to 11 July 2013. Evaluations of the workshops showed not only a strong increase in teachers’ understanding of the subject content, but also a significant expansion of the teaching approaches that they will be using in their classrooms. This workshop

follows previous workshops in Mpumalanga (during December and January) and a workshop in April for schools participating in the South African Reserve Bank’s Monetary Policy Challenge. Arnold Wentzel

UJ TEAM WINS GLOBAL BUSINESS CHALLENGE SA LEGSecond time UJ scoops the national winners’ title

Four young finance students did the University of Johannesburg proud when they won the South African leg of the CIMA Global Business Challenge 2013 (GBC 2013) on Thursday 16 May. This is the second time the University of Johannesburg has won the title.On stage in front of a live audience, SA’s youngest business celebrities battled it out in an idols-type event at The Maslow in Sandton, to be South Africa’s fourth winners to go forward to this annual global business challenge for undergraduates, which is now in its fifth year worldwide.

The winning team, Simplified Solutions, comprising John Webb (23), Nastaja van der Merwe (22), Marina Mogin (22) and Berdene Sinclair (22), pipped the other teams from University of Johannesburg, University of Pretoria and University of Cape Town. A University of Johannesburg team last won the South Africa winners’ title in 2011.

During the event, the final four teams each presented their business case on this year’s case study, which revolved around a toy production company, and answered questions from the panel of judges, which included David Cropper, CIMA Africa Regional Board Chairman and Academic Director, Botswana Accountancy College; Charles Russon, Barclays Africa: Regional Head of Finance; Willem Kellerman, Director of Middle Office CIBW of ABSA; Cheryl James, CEO of Fasset and Prof Appie Pienaar, CFO of Solidarity.

Team leader of the winning team, John Webb, is a Lions and University of Johannesburg rugby player, former head boy and Rugby Player of the Year at The King’s School in Robindale and was top student in financial management in 2011. From the USA, John is the son of missionaries.

Berdene Sinclair has a number of top student awards: being the top BCom Finance student in her first, second and third years, as well as Top Student in Financial Management in the second and third year, in Investment Management and Financial Planning in her third

year. She is a member of Golden Key International Honours Society.

Among her achievements, Natasja van der Merwe includes Dux Scholar and Mathematics Olympia Award in primary school, and the Ernest & Young Project Alpha – Top 10. She also earned her South African colours in gymnastics.

Marina Mogin, originally from Serbia, graduated from Fourways High School where she was a prefect. She has full colours in cheerleading. All four members of the team are actively involved in tutoring and coaching.

The University of Cape Town team, Uhuru, with team leader Dalisu Jwara, and team members Asanda Mahlabela, Loide de Almeida

SA Winners Press. 1st in South Africa, Simplified Solutions, from the University of

Johannesburg, From left to right: John Webb (Team leader), Natasha van der Merwe, Marina Mogin, Berdene Sinclair and

Shaun de Wet (Mentor)


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and Thabi Poopedi, were a close second in the competition coming in as runner’s up.

Says Zahra Cassim, CIMA Head of South Africa: “The competition sponsored by Barclays and ABSA and organised by CIMA (The Chartered Institute of Management Accountants) was started in China as a way to highlight young business talent and give undergraduates experience in developing business recommendations on a case study and presenting their findings and recommendations to a panel of judges and in front of a live audience.

“Last year’s winners from the University of the Witwatersrand reached the final round of the global challenge, surviving all the knock-out rounds in Colombo, Sri Lanka during Global Business Challenge 2012. That was the second time that the South African team had reached the final four worldwide, with the UJ team from 2011 also reaching the final four.

“We are confident that with the quality of our undergraduates, and based on our experience of the competition, that this team will perform equally well when it comes to the global final. If this is the quality of future business leaders in South Africa, I am encouraged that as a nation we have a bright future.”

As the global final will be hosted by South Africa, the national team will welcome teams from 23 other nations for the culmination of the competition on 28 and 29 August 2013. This will bring the best of the world’s young business talent to South Africa for the global finals.

Other teams taking part in the global final will come from Australia, Bangladesh, China, Ghana, Hong Kong, India, Indonesia, Ireland, Malaysia, the Middle East, Myanmar, Nepal, New Zealand, Pakistan, the Philippines, Poland, Russia, Singapore, Sri Lanka, Thailand, United Kingdom, Vietnam and Zambia.

The other African teams, Ghana and Zambia, are in their second year of the competition with their finals scheduled for end May and mid-June.

Sponsor, Charles Russon, Barclays Africa: Regional Head of Finance said: “It is a privilege as sponsors to be involved with this initiative. The first year that I attended the event, I did not know what to expect,

but came away thinking ‘what a fantastic experience’. An event of this nature is of fundamental importance to an organisation like ABSA. Investing in the youth and education is what I term the sweet spot. It’s where business and education meets”.

“It is a significant sponsorship for us, in that business, finance and accounting skills are a scarce resource in South Africa and it is a national imperative to rectify this. As sponsors of Global Business Challenge we believe we’ve done something important for the country.”

A total of 97 teams registered, from 21 campuses in South Africa, for the challenge this year, and 40 teams successfully submitted reports for the first round.

The final four teams – Simplified Solutions and 4G Girls with Edge, both from the University of Johannesburg, ABC Consulting from University of Pretoria and Uhuru from University of Cape Town – were selected following the first round of the competition. This required the teams to submit a detailed report analysing the case study on a toy manufacturing company and make recommendations to the board of that company.

Other sponsors include venue partners, The Maslow; local sponsors Ethoss, Fasset and Unilever; and technical partners Virtual Productions.

Says Samantha Louis, CIMA Africa Regional Director: “The Global Business Challenge was launched in South Africa in 2009 as a way to encourage business and strategic thinking among university undergraduates – South Africa’s future business leaders. Entries this year show a 31% growth on last year, while the number of reports received grew by 5% year-on- year compared to 2012. This demonstrates that the Global Business Challenge is growing in stature and that awareness of the competition is growing year-on-year on campuses around the country.”

More About:CIMA (Chartered Institute of Management Accountants)

The Chartered Institute of Management Accountants, founded in 1919, is the world’s leading and largest professional body of Management Accountants, with more than 203 000 members and students operating in 173 countries, working at the heart of business. CIMA members and students work in industry, commerce, and the public sector and not-for-profit organisations.

Runners up Uhuru with sponsorsFrom left: Elegance Gozo, Head of the Absa Graduate

Development Programme; Asanda Mahlabela, Loide de Almeida, Thabi Poopedi and Dalisu Jwara, Team Uhuru from University of Cape Town and Charles Russon, Barclays Africa:

Regional Head of Finance.

3rd in South Africa From left to right: Jenna Wright, Whitney Taggart (Team leader),

Kira Sing and Serena Naicker


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SAAHC MOVING FORWARD

The South African Accounting History Centre in the department of accountancy AT THE University of Johannesburg is moving forward with efficient speed. At present the valuable archival material in the archives is sorted and inventoried by the doyen of archivists in South Africa Barbara Conradie. Barbara was the renowned Group Archivist of Standard Bank for more than 25 years. She is currently working in the SAAHC Archives in 4 Goring Avenue, Auckland Park. More than 45 meters of primary material is sorted, read and inventoried to compile an electronic inventory to the SAAHC Archive. The minute books of the four Chartered Societies of Accountants that formed SAICA in 1980 are in these archives. The minute books of the Transvaal Society of Accountants are almost complete, from the 1916 to the early 1990s are in the archives. The minute books of the Cape Society of Accountants date from 1907 to the 1990s are almost complete, as well as copies of the minute books of the Society of Accountants if the Orange Free State since 1908 to the early 1990s. The minute books of the Natal Society of Accountants are only available from 1946 until the early 2000s. Further primary material in the form of minute books from the Joint Council and the National Council of the Chartered Societies from 1945 until the formation of SAICA, are in the archives. These documents will be included in the electronic inventory, which will enable researchers across South Africa to use these unique sources.

Barbara Conradie spends many hours reading through the sources and then writes up a brief summary of the content, which is then arranged and included in

the inventory. The aim is to make this archive accessible to all Accounting History researchers world-wide.

The SAAHC Archives was also honored by an invaluable donation of rare books on Accounting History by Professor Emeritus Barbara Merino, from the University of Texas. She has adopted the development of Accounting History in South Africa as a field of study and research as a project she wishes to support. Her encouragement was felt through the receipt of a set of her own valuable Accounting History book collection.

Other supporters of the SAAHC have also emerged. Mr Herman Erasmus, a retired CA(SA) from the Northern Cape, donated his collection of the professional periodical The South African Accountant/ Die Suid-Afrikaanse Rekenmeester to the archive. An almost complete set of periodicals from 1972 to 1997 are now available for research purposes. An extensive library donated by the late CA (SA) Mr Lemmer makes up a sizeable number of the dedicated books in the SAAHC Library. Professor Lucas van Vuuren has also donated books on the early history of Accounting Education to the UJ Library and these books are currently in the Rare Book Collection. Furthermore the family of the late Professor Piet Hoek, the founder member of the audit firm Hoek & Wiehan in Pretoria, donated some of his personal documents to the archive. The firm Hoek & Wiehan contracted Professor Wiseman Nkuhlu as an articled clerk in their offices in Umtata and he then became the first black accountant in South Africa.

The wealth of the history of the accountancy profession in South Africa is finally finding a home in the SAAHC Archives. Any person interested in using the archives, or wishing to donate relevant profession related material to the archive, can contact the SAAHC at 011 559 2008.

Barbara Conradie is a history graduate from University of Stellenbosch and UNISA. She worked at the government archives in Natal and the Cape before appointed as corporate historian and archivist at Standard Bank. She served as chairman of both the provincial and national committees of the SA Society of Archivists in its heyday of the 1990s. In the 1990s and early 2000s she also served on various governmental consultative committees and has consulted widely.

PROF DERICK BLAAUW PARTICIPATES IN INTERNATIONAL SEMINAR

On 23 May 2013, Derick Blaauw of the Department of Economics & Econometrics took part in an international seminar on the topic of “The invisible and unregulated world of Domestic work in the US”, organised by the Department of Social Work at the University of the Western Cape. Derick joined Professor Nik Theodore, Associate Professor, College of Urban Planning and Public Affairs of the University of Illinois at Chicago on the panel of the

seminar.The seminar addressed the nature of domestic work in the United States, highlighting the unprotected and unregulated nature of domestic work and the frequent violations of domestic workers’ rights. Derick provided a South African perspective. The focus was on the changing nature of the domestic worker labour market in South Africa after the advent of minimum wages and other provisions of the relevant sectoral provisions

in South Africa’s legislative framework. Domestic work has increasingly become a part-time profession in South Africa. Domestic workers work for more than one employer at the same time as opposed to having one full-time employer.The discussion that followed stressed the need for further research in the area and possible collaborative projects in this regard were identified.

Derick Blaauw


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DEPARTMENT OF ECONOMICS AND ECONOMETRICS HOSTS GUESTS FROM UGANDAN GOVERNMENT

A senior delegation from the Ugandan Government recently visited the Department of Economics and Econometrics to meet with Prof Fiona Tregenna. This visit formed part of a study tour to South Africa organised by the United Nations Conference on Trade and Development (UNCTAD) (based in Geneva), with local support from the Department of Trade and Industry (the dti) and Trade and Industrial Policy Strategies (TIPS). The overall theme of the study tour was “International Trade in Services” and it fell under the UNCTAD project “Addressing the impact and implications of the global financial and economic crisis on developing countries through support to services sector development”. The Ugandan delegation comprised Mr Cyprian Batala and Ms Georgina Nampeera Mugerwa, both from the Ministry of Trade, Industry and Cooperatives, and Mr Julius Torach from the National Information Technology Authority; they were accompanied by officials from South Africa’s Department of Trade and Industry. Prof Tregenna made a presentation which spanned various issues including industrial policy, employment creation through the services sector, the linkages between services and manufacturing, economic regulation, and technological advancement. This was

followed by a wide-ranging Q&A session and intensive discussions. The delegation found the meeting to be extremely valuable, and the dti hosts also expressed their gratitude for the interaction.

Prof Tregenna and the Ugandan guests

CENTRE FOR ENTREPRENEURSHIP KATLEHONG

The Skills for the Economy Unit of the Department of Trade and Industry (dti) contracted the University of Johannesburg (UJ) – represented by the Centre for Local Economic Development (CENLED) – to provide administrative, capacity building, monitoring and evaluation services in the expansion of new Centres of Entrepreneurship to be established at Further and Higher Education institutions. Professor Marius Venter from the Faculty of Economics and Financial Sciences is the Director of the Centre for Local Economic Development (CENLED). CENLED will provide capacity building to the Centres for Entrepreneurship (CFEs) at two FET colleges: King Hintsa FET College in Butterworth in the Eastern Cape and Ekurhuleni West College in the Gauteng East Rand and two additional centres to be identified soon.

CENLED will assist the CFEs with the following main activities:• Disbursing dti funds to the CFEs based on the achievement of

pre-determined targets in terms of reporting requirements.• Capacity building and supporting the colleges in establishing

and managing the CFEs and contracting staff for the Centres;• Guiding the CFEs in developing the curricula and learning

materials for the Entrepreneurship Programmes to be delivered at the CFEs, including the Incubation Programmes;

• Capacity building of the business coaches and New Venture Creation (NVC) facilitators to deliver the Entrepreneurship Programmes; and

• Monitoring and evaluating progress of the Centres against the business plans and agreed outputs and time frames.

The launch of the first Centre for Entrepreneurship at Ekurhuleni West Campus took place on Tuesday 18 June 2013. The Honourable Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe, performed the keynote address and unveiling of the plaque. She emphasised the need for Public Private Partnership in which UJ was playing a vital role as the administrator of the Centre. The guest speaker was Mr Billy Selekane who shared excellent advice regarding entrepreneurship. VIPs included Ms Helen Ntlatleng (CEO of Ekurhuleni West Campus), Ms Jocelyn Vass (Executive Director, Entrepreneurship Unit, dti), Mr Sipho Sikonde (Deputy Director General, dti), Ms Ronel Otto (UJ), Ms Sarie van Veen (CENLED), Eddie Kodisang (Faculty of Economics and Financial Sciences) and Dr Marius Venter (Director, CENLED).

InterFACE

Students of Ekurhuleni West College in front of the new Centre for Entrepreneurship


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DISCOVER SWUFE 2013 SUMMER CAMP

The Faculty of Economic and Financial Sciences gave four of its students the unique opportunity to visit China as participants in the Discover SWUFE 2013 Summer Programme. I am honoured to have been selected as one of 72 student ambassadors from 21 different countries.

The Summer Programme was well organised, from the hotel accommodation on campus to the lectures and cultural activities. SWUFE was a generous host – the volunteers and programme director ensured that we were comfortable and well fed. Mealtimes were like an episode of Fear Factor – I was never sure what would end up on my plate. At the last dinner, we were served bullfrog stew, donkey meat and a bean jelly as part of the buffet. I did fall in love, however, with Kung Pao chicken and got accustomed to eating spicy food, even their KFC was spicy!

The professors who gave lectures were experts in their fields and it was especially humbling to know that even though they were celebrated figures in the Chinese finance and economic spheres, they took time out to come and speak to us. I especially enjoyed the lecture on Chinese medicine and had an acupuncture session in the lecture hall; the physician treated me for a cold.

The sights and sounds of Chengdu are very intriguing – the city seems to move at its own leisurely pace. The cycle lanes on the main roads are filled with bicycles and motorbikes, which often carry loads beyond the manufacturer’s specifications. In the evenings the buildings light up in an array of colours and patterns and the older women come out onto the streets for their daily “evening dance”.

Curiosity got the better of us and in our spare time, we went to see The New Century Global Center in Chengdu, Sichuan province which can fit 20 Sydney Opera Houses or three Pentagons inside. We took a 2-hour drive out of the city to see the 71 m high Grand Buddha at Leshan, which took more than 90 years to carve out of the cliff, another exhibit of how resilient the Chinese people are.

Social networks, like Facebook and Twitter, were blocked so I felt like a fish out of water because I couldn’t update my friends about my adventures as often as I would have liked. The restrictions and limitations on Internet use baffled me at first, but after being there for a while I realised that the Chinese were just trying to preserve their way of life and avoid contamination. The fact that shopping malls and restaurants closed at 10 pm was an indication of the low levels of crime and I never felt threatened while on the streets. The more I learnt about the Chinese, the more I learnt about myself. I started to think about life in South Africa and Swaziland differently, I started to interrogate the social skills and wondered how the Chinese got things right and managed to instil a strong sense of national unity.

Overall, Chengdu was amazing; I learnt a few Chinese phrases and formed strong bonds with people from across the globe. I am grateful for the opportunity and this is an experience I will treasure for a lifetime.

INTERESTING PLACES AND DISHES IN CHINA

Prof. S Chetty, Prof. A Dempsey, Mr J Struweg, M Khamohaka, T Sibisi, J Joubert and N Msibi


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ECONOMICS GOES GREEN

On Wednesday 16 May, Kotie Viljoen from the Department of Economics & Econometrics attended the Joburg Waste Summit 2013, which was organised by the City of Johannesburg and held at the Sandton Convention Centre, Johannesburg. The Summit focused on diverting waste away from landfill sites with new waste treatment technologies and recycling technologies. The City of Johannesburg presented their new waste management strategy to the almost 400 delegates present, which included all the major role players in the recycling industry.

One of these strategies is the implementation of “separation

at source” initiatives. Street waste pickers form an integral part of the recycling industry. They are still unorganised and their activities take place in the informal sector. The challenge is to integrate them in the formal waste management plans of all cities. A thorough understanding of the street waste pickers’ socio-economic conditions and reasons why they pick waste on the streets is imperative for the success of any such plans. The results of the national study of the socio-economic conditions of street waste pickers by Prof Derick Blaauw (UJ), Prof Rinie Schenck (UWC) and Kotie Viljoen (UJ) will add valuable insight in this regard. Kotie was invited by Mr Douw Steyn, Chairperson of the National Recycling Forum, as a speaker for the “Sustainability Week”

which was held at the Sandton Convention Centre on 24 to 28 July 2013. The topic of the presentation was “The voice of the street waste pickers on the move”. Results from the national study on street waste pickers will be presented.

Kotie, on invitation by Mr Roelf de Beer from Pikitup, also attended a community meeting in the Jan Hofmeyer Hall in Vrededorp, Johannesburg on May 25. At this meeting, the community were addressed on the “separation at source” initiatives in their area. Kotie plans to extend the research on recycling to “separation at source” projects and specifically on how the waste pickers on the streets and on the landfill sites are affected by the changing nature of the waste management systems.

A study on community participation in the “separation at source” initiatives, especially among the lower income communities is also planned for the end of the year.

ANNUAL FPI CONVENTION

The Department of Finance and Investment Management was once again part of the Annual FPI Convention held at the Sandton Convention Centre during June 2013. The crème de la crème of the South African financial planning world gathered at the annual convention to gain exposure and to market their companies and institutions. The UJ stand at the FPI Convention was awarded a bronze certificate for exhibition excellence.

Kotie Viljoen


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BABY NEWS

Our Faculty AccountantMarlize Claassen’s lovely little baby girl, Mieke was born on 30 April.

Commercial AccountingLecturer Pushe Ramutumbu gave birth to a beautiful baby boy, Thavha.

Congratulations to Pushe and her husband; may baby Thavha bring them lots of happiness and joy!

EconomicsThe stork gave Andrew Duncan, Senior Lecturer Monetary Economics, a big Father’s Day

present this year. Andrew and his wife Chantel welcomed a baby boy on Sunday 16 June 2013. Riley Stuart Duncan was born at 07:55 weighing 4.32 kg. The Department of Economics and Econometrics welcomes Riley to the family!

AccountancyAccountancy Lecturer, Denise Mare, and her new baby Daniel.

COMMERCIAL ACCOUNTING TAKES SECOND PLACE

UJ Staff Day 2013 – Department of Commercial Accounting took second place with their teamwork in the games events.

LECTURER MA’MSASI MUTSHEKWANE – THE FACE OF DSTV

Msasi left the Department at the end of June 2013 when she retired. We wish Msasi all the best for the future and may she continue being a vibrant “celeb”, not only for DSTV, but for all around her! (Picture on the left side)

HILTON CHINYAMA OUR GOLDEN KEY MEMBER

Congratulations to Mr Hilton Chinyama, Golden Key International Honour Society member and BCom Accounting second-year student, who attended an International Scholar Laureate Programme in the USA during the June holidays.

The FACEroom

Economics


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JOHANE DIKGANG – AWARDED A PHD IN ECONOMICS

The Doctoral Degrees Board (DBB) at the University of Cape Town has agreed that Johane Dikgang should be awarded the degree of PhD in Economics. Johane Dikgang’s PhD thesis focuses on the land claim by the Khomani San and Mier communities in the Kgalagadi Transfrontier Park. The key challenge facing the Kgalagadi area is how to

balance conservation and beneficiaries’ rights to land and natural resources. His thesis has three objectives. First, he assesses whether land restitution has helped reduced poverty. Second, he investigates the value that the Khomani San assign to modern conservation under various land tenure arrangements. Third, he determines whether there is scope to generate additional revenues which could then be shared with the Khomani San. His results indicate that land restitution does not have any impact on poverty reduction. However, the Khomani San can be trusted to be good environmental stewards and there is scope to generate revenue for sharing with them. His thesis concludes that conservation schemes in the Kgalagadi area must involve the Khomani San to be successful.

DR MARIUS VENTER – A MAN OF MANY TALENTS

Dr. Marius Venter, Director of the Centre for Local Economic Development in the Department of Economics and Econometrics, is certainly not a bored man.

He has recently obtained his provincial colours as netball referee in the Western Province. He umpired the under-21 trials and was invited to the national trials as well.

For this prestigious position, one has to be fit and fast and it is not strange that he completed his 5th Two Oceans marathon this year.

Marius has a passion (it seems) for speed and he breeds racing

doves, one of whom followed in his master’s footsteps and was awarded the Western Cape long distance champion male for 2013!

ACCOUNTANCY’S OWN MASTERCHEF

UJ Accounting student reached top 4 in South Africa’s Masterchef 2013.

More about Ozzy:Mohammed (Ozzy) likes to hang out with his family and friends, play golf and, of course, cook! This Accounting student developed his passion for cooking from his terrible culinary experiences in boarding school. The food was so bad that he simply decided to take matters into his own hands and cook for himself and all of his friends. Ozzy loves seafood and has always wanted to become a chef, but instead he studied Accounting. Masterchef was Ozzy’s chance to follow his heart’s true passion. This soft-spoken guy was a creative dynamo, and never ceased to surprise the judges with his skill.

DR NADIA RHODES CO-AUTHOR OF 2ND EDITION

Dr Nadia Rhodes, one of the co-authors of the book, Introduction to Financial Accounting, of which the second edition was recently published. The Department is proud of you, Nadia!

Johane Dikgang

Dr Marius Venter

MR WEPENER VAN DER WALT ACHIEVES

Congratulations to Mr Wepener van der Walt from the Department of Commercial Accounting, on achieving his BCom Honours in Financial Management.


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FAREWELL TO A WELL-LOVED COLLEAGUE

Some of our colleagues remember 26 years ago when a very dynamic, hardworking lady started at RAU as a Student Records Assistant. Later this department was incorporated into the various faculties, and Sylvia became the first Faculty Officer at the then Faculty of Commerce, later the Faculty of Economic and Financial Sciences.

The November 1990, Annemarie van der Merwe started at the Law Faculty, and had it not been for Sylvia whom she contacted in a desperate plea for help, she would have run away the very next month! Sylvia taught her everything and guided her for a long time with the patience and care of a Mother Theresa.

Lucretia and Jacob remember how she gave her everything to the staff and students. These students, in turn, showed their love and appreciation by giving her 24 boxes of chocolates one Christmas! She assisted students in a variety of ways: finding housing, jobs, clothing and food. She was always aware of suffering and helped where she could to ease others’ pain.

There also came difficult times when Sylvia experienced a great deal of stress, and became a very strict person who was not always understood.

Christo, Belinda and Lee-Ann adored their Mother whose house was always open for them with appetising dinners and even a place for lengthy stays after they had already left home. A more loving Granny was not easy to find, and she would spoil her six grandchildren with trips to the Wimpy and Lifestyle or crawling

along in the sand. Even in her last days of battling cancer, she would hide the pain and come to work with a smile.

On 7 January this year, she left APK at 16:00 and was admitted into ICU at 16:45. She never returned and passed away on 16 March 2013.

We salute you, First Faculty Officer and Lady of Courage.

THE FACULTY OF ECONOMIC AND FINACIAL SCIENCES MAKES A CLEAN SWEEP AT THE 2013 UJ TOP ACHIEVERS FUNCTION

The 2013 University of Johannesburg Top Achievers function was a great success with the Faculty of Economic and Financial Sciences dominating the event by producing the majority of top achievers.

Among the top achievers, one person stole the spotlight for the entire event – Rezanne Neethling, a BCom Accounting student, stole the limelight with an overwhelming 93.4% average, which saw her emerge as the overall Top Achiever for the year 2013.

In an interview with Thomas Letsipa, third year Public Relations and Communications student, a very humble Rezanne Neethling contended the following:

Thomas: How does it feel to be given such an honourable title amongst the hundreds of students?Rezanne: It’s unreal, especially since it’s in my first year. I wasn’t expecting it, especially with the pressure of being a first year and all the distractions and temptations that are there when one is a first year. I hope I can keep it up from here on and keep doing my best.Thomas: Why did you decide to go into accounting, seeing that most students find it very hard to complete?Rezanne: Well, for me the love of accounting started when I was in Grade 8; that’s when I knew that this was what I wanted to do for the rest of my life. It was there and then that I decided that no matter how hard it got, this was the one thing I was going to put my time and effort in. To be recognised in this manner shows that all the hard work I put in has paid off. Thomas: What was your toughest module this year and how did you manage to overcome it?Rezanne: If I had to pick one, I would have

to say mathematics. It was the one module that I didn’t think I would do well in. Well, I started to put in more hours in practising it and I got to a point where I prioritised, making mathematics my prime goal and I started to use all the resources that were at my disposal, that being tutors and consultation times with lecturers. The most important thing that helped me overcome mathematics was not to be afraid to ask for help when I didn’t understand any of the work given to me.Thomas: What advice can you give other students who also want to see themselves standing where you are right now?Rezanne: Achievement is not measured or determined by materialism. A sense of achievement should be internal and should not rely on material things. If you can achieve that then you will never feel discouraged. I guess what I am trying to say is in order for any student to succeed, they should first start by believing in themselves and then the rest will be easy to achieve.Thomas: So where to from here? Where do you see yourself, say five years from now?Rezanne: Well, my main goal is to put even more effort in my studies and get better at what I do and then later on becoming one of the best chartered accountants that this country has ever produced.

Sylvia Farrah (04 May 1949 – 16 March 2013)


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ACCOUNTANCY PHD

Personal DetailsName: Simone HalleenDepartment: Accountancy (UJ)Position: LecturerSubject: Accounting Studies 100 and 200

Research InterestsBusiness History: Development and change in South African businesses; insurance history.

Accounting History: The history and development of the accounting profession in South Africa.

Sports History: Transformation in South African sport; the relationship between business and sport with special focus on accounting and sport.

Phd QualificationQualification: DPhil Business HistoryAwarding of degree: I submitted my thesis for examination at the end of March 2013 and after passing the oral examination on 24 May 2013 it was decided that the degree DPhil Business History would be awarded to me. The graduation ceremony will take place at Stellenbosch University on 11 December 2013.Title of thesis: From Life Insurance to Financial Services: A Historical Analysis of Sanlam’s Client Base, 1918–2004Institution: University of StellenboschSupervisors: Prof Grietjie Verhoef (UJ) and Dr Anton Ehlers (University of Stellenbosch)

Thesis Abstract / Tesis Opsomming:Sanlam has long been stereotyped as an Afrikaans company. It has been positioned in Afrikaner nationalist historiography as one of

a number of Afrikaner economic, cultural and political institutions that emerged alongside British ones in the early twentieth century as Afrikaners strove to assert their identity and independence. Much of the existing literature on the history of Sanlam has focused on the role that the company played in promoting this independence by mobilising savings for investment in Afrikaner businesses. This study challenges this conventional view of Sanlam. It argues that Sanlam was established as a South African company in a British industry of which the inclusion and empowerment of Afrikaners formed one aspect. It was a national institution that tried to represent South Africa at all levels. This study demonstrates Sanlam’s inclusiveness as a South African company by analysing its client profile from its establishment as a modest life insurance company in 1918 to its transformation into a diversified financial services group by 2004. It shows that Sanlam did not only target and attract Afrikaans-speaking clients, but included as wide a spectrum of clients as possible within the political and market constraints of the time. It did this by operating as a bilingual company, including working classes through industrial insurance and group schemes and by offering non-traditional life insurance products and ancillary financial services that met a range of needs. In this way Sanlam set itself apart from its competitors. Its clients included people from both sides of the demographic and social divide. Clients included English and Afrikaans-speakers, blacks and whites, young and old, male and female, and lower and upper class. Restrictions and exclusions were based on risk and not on race, sex or class. Sanlam broadened its prospects even further into the South African market during the second half of its history. This was in response to events such as the formation of the Republic in 1961, the growth of the South African economy, the deregulation of the financial sector in the 1980s and 1990s, and the collapse of Apartheid in the early 1990s. By 2004 Sanlam had completed its transformation into a diversified financial services group that provided a range of life insurance and financial services solutions for individuals, groups and businesses from various walks of life. The Group could now shift its focus not only onto further expansion into the South African and neighbouring African markets, but onto the rest of Africa and other emerging markets abroad.

FOCUS ON OUR HARDWORKING SECRETARIESKAREN ZAAYMAN – FACULTY

Karen started in this position on 15 June 2013. But she is certainly not unfamiliar with this position. She had been secretary for the deans of management for 18 years, and took a well-deserved break for two years just to realise how she missed the UJ!

A focused, punctual and friendly secretary, always lending a hand. She is an outgoing and very creative person who describes herself as “hardworking and proud of my job”.

Being extremely creative, there is never time to sit still. She does the most beautiful needlework with absolute precision, makes lovely

jewelry and at the moment is very much into mosaics.In the Zaayman household there is one pet rabbit, called fluffy!

Asking what other job she would like to do, the answer comes without any hesitation: “anything creative!”.

She values honesty in people and despises laziness. People have to work hard and be focused.

Her unique value in the faculty is to keep the faculty together from the dean’s office. She had to think about her biggest challenge and then commented that it certainly was a challenge to assist the four students to go to china.One need not ask Karen about the highlight of her life, as her eyes shine when she just mentions the name of her husband, Craig.If Karen is nearly such a wonderful wife as she is a secretary to Prof Dempsey, then Craig can count his blessings.


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CHARMAINE VILJOEN – DEPARTMENT OF ACCOUNTANCY

It was way back in 1988 that this Department appointed Charmaine as Departmental Secretary, and neither has looked back. One of the reasons for her long, happy stay is the fact that she is so easy to get along with – vibrant, outgoing, always friendly, treating people with respect, assisting to the best of her abilities and believing that “patience is a virtue”.

Whenever she does have a quiet moment (and that

doesn’t come often) she loves to read fiction. She can lie in a tub for hours with a John Grisham. When she is up and going, she enjoys a hard gym session four times a week.

Two huge Bouviers des Flandres, Neels and Gina, share their space with Charmaine and her husband at home. Being too huge to venture in a park, they are treated to a bakkie ride every afternoon.She would still love to have been an airhostess, traveling the world and experiencing the fascination of flying.

Charmaine makes an effort to get to know people. She claims to then understand and is able to form good relationships with colleagues. Don’t even think about being moody or unfriendly with her around. She values friendly, positive, humble and honest people above all.Her biggest challenges in the Department are organising the honours functions with more than 600 guests and keeping her sanity! Also, keeping the Accountants together and helping sort out their administration.

After marrying Leon on Christmas day 30 years ago, she still values that day as the biggest highlight in her life. Biltong is best, also to keep the body in shape. Another 20 years with a person like Charmaine will only be a blessing to this Department!

RONEL ROSSOUW – DEPARTMENT OF COMMERCIAL ACCOUNTING

Ronel has been with this Department for the past 12 years, and with UJ since March 1989.

She has been married to Antonie for the past 28 years and is mother to their only daughter Chanel, aged 26. Ronel loves listening to what her colleagues have to say, and she gets a bit emotional when colleagues give her bad news, such as a pet that passed away, or a sick child. No wonder colleagues call her the Department’s “Mommy”.

A strange hobby of her is not only to collect wigs from “Wig World SA”, but also to wear them to work!

This lady loves her pets. A seven-year old Daschund, Liefie, which is the apple of her eye, as she got her at the age of 3 weeks, and had to feed her on Pro-Nutro during the night until she was strong enough to eat by herself. Liefie is currently on the “Regal Pet Health” weight loss programme, whereby Ronel had to sign a contract for her pictures and testimonial to be published in the Huisgenoot/You magazine. Liefie is doing well on her diet and Ronel is looking forward to be the Mommy of a celebrity!

Community engagement is her passion and heart’s desire, which she fulfills through

Departmental Community engagement projects.

An ambassador for her Department, she constantly advertises and promotes their unique assets where possible. She was recently nominated UJ Brand Ambassador and through this believes she can make a difference by keeping other colleagues and stakeholders up to date of what’s happening in this Department and where and when they can join in Community Projects or Diversity Day or any other day for a visit!

Honesty is the greatest value in a person, says Ronel: “Be honest, don’t go around spreading bad “vibes” about me or my Department”.

Her biggest challenge in the Department is involving colleagues in Community Engagement projects. Trying to force another human being to feel the same way as she about CE, is not quite possible. BUT as soon as she has convinced them, there is NO turning back and it always ends up being a huge success.

Being awarded CE Empowered Woman Award 2012 was the biggest highlight as this award was a total surprise to her and much appreciated. As she says: “So many good people who are not always seen or

heard, but silently I know that person is next to me, no matter what”.

“Biltong!!! My Antonie is a master biltong-maker, he is Mr Biltong Witpoortjie!!”.

A special lady with a heart of gold, we wish you many happy moments in this Department.


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JANA BOTES – DEPARTMENT OF FINANCE AND INVESTMENT

This dedicated, thorough hard worker started at the Department in 2004. Jana has proven herself as a people’s person, giving and caring, someone who always puts others first. Jana is also a woman with strong beliefs, values and morals and says she tries to live and be proof of what she believes. Her children have always been the joy of her life. And she adores her daughter’s first born, Logan.

Underneath her well-organised self is an artist of note! Somebody who loves to design beautiful clothing, crocheting works of art, embroidering with ribbon and many artistic creations as she has an eye for the aesthetic!

She has two Bull Terriers that she claims to be her weapons rather than pets. However, make no mistake, she loves and attends to Bokkie and Varkie and that may be the reason they are protecting her. The dogs, a pet hamster, two finches and a canary give her much joy at home.

Jana would also love to do credit and debtor work. As a punctual bookkeeper with not only a Pastel 7 qualification but also a recent Diploma in Business Management, she would also love to teach and mark typing as she has previously gained top levels in this field in Bloemfontein.

She says time management is her best contribution to the Department, as she tries to do everything well ahead of a deadline, and is always well organised.

Jana appreciates the small things in other people – to show love and honest care. A hug when it’s needed. Not to think when to give, but to be spontaneous and give of yourself.

She succeeded in her biggest challenge when, in 2007, she completed the Diploma in Advanced Business Management, which resulted from the encouragement of Prof Henco van Schalkwyk and the pride of Prof Giepie Els, who attended the Graduation ceremony and was the first to congratulate her.

A personal highlight was when she gained internal peace and self-worth, which enabled her to trust people and face the world with true happiness again.

Biltong is the healthy choice.

May new beginnings, serenity and a long, satisfied stay with the Department accompany you on your path in this Department.

YOLANDI BROUGH – DEPARTMENT OF ECONOMICS AND ECONOMETRICS

Yolandi is the Secretary to Prof Bonga-Bonga at the Department of Economics and Econometrics.

This outgoing, bubbly, blonde, happily married to Dawie, had been employed by the UJ at the AVU Section since 2003, and was appointed at the Department on 1 June 2012.

She boasts strange hobbies and just laughs when she admits that “shopping” and even just “window shopping” are her best hobbies! But going to the gym is also high up on her list; however, a less likely hobby.

The Brough family has two dogs, a Spaniel, Tammy of 10 and Tinky the Maltese aged 11! These two fill a huge part of their lives, but prefer to run away when the latest edition, nearly three years old, Divan, is around.

When asked about a second job, Yolandi beams as she talks about wishing to do events management. She loves organising parties and functions from designing the invitations, planning the theme and even baking her own special cupcakes.

With her lovely smile, Yolandi is always ready to assist and does so immediately as she does not like to keep people waiting. The characteristics she values most in people are honesty and loyalty. Of course, she greatest highlight in her life was when little Divan was born on 12 October 2010.

Thank you Yolandi, for the positive and patient person you are to all who cross your path on a daily basis!

Joane, Jana and baby Logan


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ACCOUNTANCY CHARITY

Accountancy@UJ sponsored mini soccer balls for the Kliptown Youth Programme as part of the Stephanie–Vodacom Change the World 2013 project.

Thanks to all the Auditing 3A students for the massive contribution that you made. All the warm clothes went to the Witkoppen Clinic in Fourways and were distributed to the less fortunate. You have really changed lives!!

A big thanks to all the CTA students who brought textbooks for charity. We took them to be recycled, and donated all the money to Roses Nursery School for desks, stationery and blankets.

ACCOUNTANCY GETS ACTIVE

Take 5 Business Team RelayCongratulations to the Accountancy@UJ running team who completed the Take 5 Business Team Relay Challenge in 01h58 min – Ms Ilse Karsten, Prof Grietjie Verhoef, Mr Busisane Mhlambi and Mr Dominique Bernardino

Below the surFACE

702 Walk the TalkAccountancy students proudly represent-ing UJ in the 702 Walk the Talk.

THE BOYS TAKE A BREAK

The Accountancy annual “Manne-naweek” was held at the farm Doringlaagte during the weekend of 7-9 June. Unfortunately nothing was splashed to the press afterwards.....

They had a great time going on game drives, swimming, socialising and even participating in a buffalo capture. This weekend takes place in the spirit of getting to know one another and welcoming new staff members to the team.


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Staff and students making a difference

“BEING THE CHANGE WE WISH TO SEE”: THE DEE VISITS TLC BY NAIEFA RASHIED

THE DEPARTMENT OF ECONOMICS AND ECONOMETRICS

“I am only one, but I am one. I cannot do everything, but I can do something. And I will not let what I cannot do interfere with what I can do.” ~ Edward Everett Hale

The Department of Economics and Econometrics is committed to making a significant contribution to initiatives and processes that contribute to the needs of underprivileged communities in the Johannesburg region. In an attempt to harvest “health and well-being, the values of caring and compassion, respect for diversity and human dignity, community participation, community empowerment, good citizenship and social justice”1, the DEE embarked on one of its many planned organised outreach initiatives for 2013 – visiting TLC, a place of safety for orphaned and abandoned babies.

TLC2 was established in 1993 by the Jarvis family and is situated in Eikenhof in the South of Johannesburg. They have rescued over 800 babies to date who have either been orphaned or abandoned. TLC believes that “every child has the right to a loving and responsible family” and upholds this ethos by seeking the best for every baby and child residing at TLC. One of the biggest challenges TLC faces is unstable income flows. TLC relies on donations as its main source of income and, because donations vary throughout the year, TLC often struggles with covering its monthly running costs and maintaining its premises.

The DEE visited TLC twice between January and June 2013. The first visit involved collecting and distributing much needed groceries

to the TLC nursery. The staff of the DEE was extremely generous and in a matter of weeks, a substantial amount of groceries was secured for the nursery. The nursery is an important point of entry for orphaned and abandoned babies and can accommodate up to 50 babies and toddlers at one time. The nursery is responsible for providing babies and toddlers with medical and therapeutic rehabilitation.

The second visit involved painting the fence between the TLC farm and the TLC main houses. The TLC main houses accommodate most of the children and some of their caregivers. The TLC farm contains cattle, poultry and a dairy plant. The TLC farm contributes to lowering TLC’s overall costs by contributing meat, chicken, eggs, milk and cheese to the main houses. In its attempt to uplift the condition of TLCs premises, the DEE contributed paint for the fence and a few TLC staff, DEE staff and DEE students painted the fence.

While the DEE may only have visited TLC twice so far, it has already contributed to sustaining TLC. The joy on the faces of the caregivers and the splendour of the newly painted fence remind us that “we can begin by doing small things at a local level … that is how change takes place in living systems, not from above but from within, from many local actions occurring simultaneously”3. We have to be the change we wish to see.

1 “The Ethos Governing Community Engagement Initiatives” – UJ Policy on Community Engagement.2 For more information on TLC, please visit www.tlc.org.za.3 Renowned words of Grace Lee Boggs.

SAICA ANNUAL DINNER 2013

The South African Institute of Chartered Accountants (SAICA) annual dinner for members.

The new Chairperson of the SAICA Board, Dr Suresh Kana, hands an honorary life membership award to Dr Sizwe Nxasana. Both these gentlemen received honorary doctorate degrees from UJ in March 2013.

Accountancy@UJ staff enjoying the evening


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WOMEN’S DAY

Ronel Rossouw smiling happily after having received a prize during the lovely “Women’s Day” function held at the Johannesburg Country Club on Thursday 8 August.

MANDELA DAY 2013

Can one day or 67 minutes really make a difference in so many deprived lives in South Africa? I strongly doubt it. FEFS should look at ways of bringing about change throughout the year, not only with sweets but with knowledge, skills and emotional support.

Nevertheless, FEFS staff and students have shown their empathy and opened their hearts to four centres during this special day. A reading project was launched and we visited the different places of need and shared knowledge, love and joy for the day.

The Carl Sithole Home in Klipspruit is a haven to many little orphans and the Department of Commercial Accounting brightened the lives of the toddlers at this centre, reading stories, singing songs, cuddling and handing out sweetie hampers, small gifts and storybooks.

The Tshepo Aftercare Centre in Windsor is a haven to primary school children with no safe place to stay in the afternoons. For many of them the plate of food they receive here is the only food for the day. A vibrant young bunch of staff and students from the Department of Accountancy spent the afternoon, assisting with homework, teaching, listening and guiding these youngsters. Not to mention the fun they had outside with ball games!

Other staff members took books and sweetie hampers to another deprived group in Witpoortjie, and touched lives with their warmth and the love they shared with these youngsters.

The Department of Economics and Econometrics assisted at the Phumula Daycare Centre in Fontainebleau where a dedicated “teacher” was trying her utmost to care for toddlers, without much support at all.

AUDITING 3A STUDENTS MAKE A DIFFERENCE!

Thank you to all the Auditing 3A students for the massive contribution they made. All the warm clothes were dropped off at the Witkoppen Clinic in Fourways and were distributed to the less fortunate. You have really changed lives!! We are very proud of you all!

The Carl Sithole Home Klipspruit

Thsepo Aftercare Windsor

Oord 911 Witpoortjie

Fontainebleau Phumula Crèche


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DIVERSITY WEEK

FEFS staff members and students on APK and SWC had a lot of fun on Diversity day 2013, playing games, enjoying cultural dishes and making and flying Faculty kites.


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BY RONÉL OTTO

More than a survivor. How to be alive … How to stay alive. How to stay happily alive. In the last FACE, Jackie Bence, former Marketing Coordinator of the Faculty, wrote how her experience in the bush taught her how to be alive. I would like to share my ideas on how to stay alive but more so how to stay happily alive! Life is a precious gift granted to us, not earned by us. What we make of it, is the challenge and our responsibility.

Since “Life isn’t fair” according to the book, Twelve things I want my kids to remember forever, the author, Jerry B Jenkins says: “It is merely something to accept: Life isn’t fair”. I have learnt to accept that fact, but I have also learnt to look at things in a positive way and to stay alive happily by surrounding myself with things that fill me with pleasure and gratitude. These “things” make me happy, are always so glad to see me, never criticise me and give so much more than anything else on earth: dogs.

According to an old fable, God created and named everything, but when he got to our four- legged friends, He had no names left, therefore He called them after Himself but starting with the D.

The Golden Retriever, Lucia, is the latest edition to our home. She had been rescued from living in a cold kennel, breeding each season, while her excellent pedigreed papers clearly stated that she was not allowed to breed. Nevertheless, she has earned her previous owners enough money to retire to a little house at the sea, and she is now spending her last days in the heavenly Otto household!

She arrived one Saturday afternoon, quite disoriented, with an old, torn rubber ball in her mouth. She did not even greet us or the other four-legged friends on our premises; she could just not

believe that she was free and she wasn’t sure what to do with her new status. She looked terrible, with a dull and shaggy coat, ribs that stuck out, having delivered her last litter not long before and eyes with no sparkle at all.

We nurtured her back to life with love and affection, good food and walks and now, after one year, we boast one of the most beautiful Goldie’s in Gauteng!

To give love without expecting anything in return, to be grateful to be alive, to cherish the gift of life, to bounce form happiness each time you see your friend, to never criticise or scold are but a few characteristics of a dog that help us to stay alive and to be happy in spite of the fact that “Life isn’t fair”.

Fancy FACE

My beautiful Lucia, baby-sitting Trompie, the Yorkie.

FACE it – From the Editor · Standard Bank, and students from the African Leadership Academy...

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