By Siyolise Fikizolo
The Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana delivered a powerful address on ethical leadership in South Africa’s financial sector during the 11th Archbishop Thabo Makgoba Development Trust Annual Lecture at Rhodes University on September 11. The lecture, hosted at Eden Grove in partnership with Rhodes University Business School, focused on the critical relationship between financial value and ethical principles in leadership.
Commissioner Kamlana, a 2021 Distinguished Alumni Recipient, opened his presentation by acknowledging Rhodes University’s motto “Where Leaders Learn,” praising the institution’s reputation for academic excellence and innovation.
“Efficiency and integrity may seem opposed, but they are inseparable. Economic value is important, but values, as our moral compass, must guide behaviour,” Kamlana said. The Commissioner drew connections between financial leadership and faith-based values, referencing Archbishop Thabo Makgoba’s leadership and biblical scripture, including Proverbs 16:8, which states, “It is far better to be poor and right than to be rich and wrong,” noting that such scriptures highlight the importance of values in how we live our lives and lead others.
Kamlana addressed the tension between financial metrics that are measured through price, profit, and growth and moral principles that serve as society’s compass for distinguishing right from wrong.
“We get the leaders we deserve,” the Commissioner noted, urging audiences to demand accountability and honesty from their leaders. He cited examples of corporate failures where prioritising profit over principles led to disastrous consequences affecting pension funds, employees, and investors. He said leadership must be grounded in conviction and values, particularly given current global economic uncertainty and geopolitical tensions.
Kamlana also discussed how artificial intelligence and blockchain technology could improve financial inclusion while acknowledging associated risks.
When asked about implementing these technologies in rural areas with limited internet connectivity, he emphasised the need for infrastructure investment to make these tools accessible. “The importance of ethical leadership combined with technical knowledge is key to strengthening the integrity of the financial sector,” Kamlana said.
The Commissioner also emphasised the critical role of educational institutions in shaping values, noting that schools and universities serve as crucial foundations for ethical development. He highlighted that teachers and lecturers play a key role not only in imparting knowledge but also in modelling ethical behaviour and framing questions of purpose alongside questions of profit.
“This is why those who teach executives, such as business schools, bear the responsibility of ensuring that their graduates and students understand and appreciate the symbiotic relationship between values and value,” Kamlana explained.
Archbishop Thabo Makgoba also shared personal reflections during the event, discussing values instilled by his mother, including respecting human dignity, celebrating differences, and upholding the integrity of creation principles that continue to shape his approach to life and leadership.
The annual lecture series, now in its 11th year, continues to promote values-based leadership across South Africa’s financial sector through the partnership between the Archbishop Thabo Makgoba Development Trust and Rhodes University Business School.
