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Three tons of fun?

I’d like to assure all those who didn’t attend this year’s MGI AGM in Cape Town that the event consisted of a gruelling schedule of long lectures on the application of IFRS in different regions of the world and a technical exploration of the opportunities afforded by the introduction of iXBRL.  I’d “like to assure” you of that but, were I to do so I would of course be lying my pants off.

In reality our Cape Town hosts, MGI Bass Gordon GHF, treated the AGM delegates to a truly excellent line up of speakers as well as a spectacular mix of entertainment, culminating with a gala dinner at which we were rousingly serenaded by three mountainous divas of sequined womanhood, performing under the name “Three Tons of Fun”.  Few of us who were there will forget their rendition of “I will survive” and fewer still were able to resist their call to the dance floor.

In between the hearty breakfasts, tasty mid morning snacks, ample lunches, afternoon nibbles, endless canapés and lavish dinners, we somehow found time for some fascinating presentations which gave us a valuable insight into the state of South Africa and the economic and social challenges that it faces.

Overall, the picture was broadly positive but it was clear that South Africa still faces a number of significant challenges.  Many in the eighties doubted that apartheid could possibly be brought to an end without bloodshed and, having achieved that remarkable goal in 1994, it has become apparent that in many ways that was only the beginning of South Africa’s journey and many challenges lie ahead.

Perhaps the speaker who most clearly summarised the position was Clem Sunter, the former CEO and Chairman of the Anglo American Corporation who set out for us his vision of the three alternative scenarios or futures that face the country. 

The first one was that it is relegated to the 'Second Division', where the bulk of the Third World resides - poor but peaceful. In that scenario, companies will still make money (as they do in plenty of Third World countries) but the Government would face the loss of tax revenue and reduced access to international capital.

The second scenario was that South Africa becomes a 'failed state' with widespread political or criminal violence. Happily, the peaceful nature of the elections in 2009 meant that the current odds of this scenario were considered to be slim in the extreme.

The third, and most likely scenario was that South Africa returns to the middle of the Premier League - comfortably outside the 'Relegation Zone' by adopting a policy of inclusive leadership in which the rich minority - who have the capital and a fair measure of skills – are kept on side, whilst ensuring that opportunities exist for the marginalised poor to become part of the mainstream economy.

Clem Sunter’s relatively positive outlook was echoed by the other excellent speakers who included Hugh Herman, the Chairman of Investec; Quinton Coetzee, a well-known television natural history presenter and business coach; and Philip Krawitz, CEO of the Cape Union Mart.

As ever, the AGM provided a terrific opportunity for delegates to get to know each other better – a task made easy by the conducive surroundings afforded by such venues as the Cape Town waterfront and the Stellenbosch Winelands.  It was clear that significant amounts of work are referred between MGI members, especially those who make the effort to attend international events.

Most of the representatives of British MGI member firms stayed on for a few days after the conference to make the most of a weekend in the Cape sunshine.  Some went on the official post-conference tour while a breakaway group with less time available and with the Paul Winder at the helm, went on its own mini-tour.

Thanks to Paul’s undoubted skills as a co-ordinator and the knowledge and skill of our tour guide, Jerome, we were able to pack in an unbelievable amount of both food and sightseeing into the two days that we had available to us.  Not only did we see an abundance of wildlife but some of it wasn’t even on our plates.

Roger Isaacs
Milsted Langdon