The platform allows for the reporting of suspected or confirmed unethical activities that may occur within the regulatory authority itself or in regulated entities within the non-bank financial institutions (NBFI) sector. Stakeholders are encouraged to give tip-offs in good faith, without malicious intent and with no fear of reprisals.
The Chief Executive Officer of NBFIRA, Oduetse Motshidisi, says the regulatory authority fosters an environment in which the regulated entities can adhere to high standards of business conduct and operate in a fair, efficient and orderly manner. It does this by strengthening corporate governance structures, Motshidisi added, emphasising that having good business ethics improves the sector’s market conduct and contributes “handsomely” to the bottom line of regulated entities.
The Chairman of NBFIRA Board, Motlalepula Kabomo, focused on NBFIRA’s commitment to governance through upholding ethical conduct. She said the adoption and implementation of the NBFIRA Ethics Policy is demonstration of NBFIRA’s commitment to fostering good ethical conduct within its own operations as well as within the NBFI sector.
The guest speaker, Tymon Katlholo, who is the Director General of the Directorate on Corruption and Economic Crimes (DCEC), said the corruption-busting agency is focused on the importance of combating corruption. Betrayal of public trust through corruption will no longer be tolerated because it is an insidious plague whose detrimental effects on the economy includes discouraging foreign investment, undermining government’s ability to provide products and services and exacerbating inequality and injustice, Katlholo noted.
For his part, Chairman of the Botswana Short-Term Insurance Underwriters Association (BSTIUA), Newton Jazire, talked about the role of leadership in cultivating good business ethics. Jazire said poor business ethics can be the undoing of an organisation despite it having good products. He called upon directors of entities to ensure that they lead ethically and effectively because they are responsible for setting the tone for an ethical organisational culture.
In order to enhance the efficacy and confidentiality of the system, NBFIRA has outsourced management of the Ethics Hotline platform to an independent service provider, Deloitte’s Tip-Offs Anonymous. Accordingly, Brian Watts, Senior Manager at Deloitte Consulting, took the audience through how the platform operates and the measures in place to ensure confidentiality of information disclosed and protection of the identity of those who lodge tip-offs.
Keletsositse Olebile, who is a NBFIRA board member, reiterated that the platform is for reporting reasonable suspicions of unethical conduct or behaviour that is likely to undermine the integrity of people in the sector.
