Norman Mbazima to chair new Bain oversight board

The logo of Bain and Company
The logo of Bain and Company

Bain & Company announced on Wednesday that it has appointed Norman Mbazima to chair its new African oversight board, which the company set up to provide risk oversight in the wake of its work for the SA Revenue Service under former commissioner Tom Moyane.

Mbazima is deputy chairperson of Anglo American SA. From 2012 to 2016 he served as CEO of Kumba Iron Ore.

The African oversight board will, according to Bain, "provide risk oversight of client and project selection".

Bain 'learnt lessons'

"Bain has learnt the lessons from what happened with SARS and implemented significant remedial steps," Mbazima said in a statement on Wednesday. "I have great confidence in the quality of the firm and its people, and believe Bain can make a significant, positive contribution to the South African business community and society more generally."

In 2015, the global management consultancy was granted a contract to review the organisational structure of the revenue collection agency. At the 2018 Nugent commission of inquiry into tax administration at SARS, Bain was criticised for helping to hobble the agency's operations, including revenue collection.

'Premeditated offensive'

"We think what occurred can fairly be described as a premeditated offensive against SARS, strategised by the local office of Bain & Company Inc [...] for Mr Moyane to seize SARS, each in pursuit of their own interests that were symbiotic, but not altogether the same," the 200-page final report of the commission reads. 

Bain in December described its work for SARS as a "humbling episode" and returned its fees, plus interest.

The group's managing partner for Bain Africa, John Senior, said in a statement on Wednesday that the company is "committed to ensuring that we do what it takes to regain South Africa’s trust". 

ZAR/USD
17.45
(+0.15)
ZAR/GBP
22.74
(+0.43)
ZAR/EUR
20.58
(-0.19)
ZAR/AUD
12.51
(-0.02)
ZAR/JPY
0.16
(+0.56)
Gold
1919.74
(+0.74)
Silver
25.52
(+2.81)
Platinum
928.15
(+0.93)
Brent Crude
44.46
(-1.09)
Palladium
2135.00
(+2.60)
All Share
57417.28
(+0.44)
Top 40
53126.54
(+0.56)
Financial 15
10139.85
(-0.74)
Industrial 25
76210.18
(+0.91)
Resource 10
58992.57
(+0.54)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 975 votes
It depends on how the funds are used.
74% - 6473 votes
No. We should have gotten the loan elsewhere.
15% - 1341 votes
Vote