BusinessCompany NewsSA companies face AIDS disclosure

SA companies face AIDS disclosure

The South African Institute of Chartered Accountants' drive to get listed companies to recognise the cost of AIDS on corporate balance sheets is gathering momentum.

Link: Accounting for the tragic cost of AIDS

The Johannesburg Stock Exchange is now expected to release guidelines on AIDS reporting as early as next year, which will mean listed companies will have to include the measures they are taking to deal with the disease alongside their financial statements.

A taskforce, put together by the JSE with input from the SAICA, is believed to be looking at the issue from a listings requirement point of view. If it comes into force, South Africa will be the first country to insist on AIDS reporting.Early this year, Graham Terry, vice-president and executive director of the SAICA told Accountancy Age: ‘Our view is that any annual report should include some assessment of the risk [of AIDS].’

At the same time some of South Africa’s biggest companies, with dual listings in South Africa and in London, are already taking steps to address the problem.

The world’s biggest gold producer, Anglo American, has already launched an initiative to provide anti-retroviral therapy for HIV/AIDS as a benefit through medical aid schemes.

Financial services group Old Mutual is to expand its medical programme to offer the drug to 600 members of its staff believed to be infected with HIV/AIDS, while De Beers, the diamond-mining giant, says it will pay for 90% of the cost of AIDS medication for its 11,000 employees and their spouses.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor