In an opinion piece in this month's Investors' Monthly AmaranthCX's Paul Miller argues that the JSE's transparency requirements have moved too far ahead of the rest of the economy, opening up an unfair disclosure gap that has contributed to the delisting crisis faced by the exchange.
Despite the article's headline, he maintains that it is an argument for more transparency, not less.
"For example, consider two large SA coal mining companies — Thungela, which must report everything as a listed company, and the unlisted Seriti, which does not need to report anything. Both have exactly the same environmental and climate change risks, the same local community stakeholders and the same high societal impact. This disparity is just wrong."
The article can be accessed here (paywalled) or read it in the print edition of Investors' Monthly, a monthly supplement to the Financial Mail.