McKinsey & Co is joining forces with a South African business lobby group to prepare for an event designed to connect global policymakers, civil society organizations, and business leaders, as part of the upcoming Group of 20 meetings next year.
This partnership between the consulting firm and Business Unity South Africa comes in the wake of McKinsey’s recent agreement to pay over $122 million to resolve criminal charges associated with a corruption scandal, involving former executives of the state-owned ports and rail operator Transnet during a time characterized by extensive government corruption, locally referred to as state capture.
The settlement was a result of both a U.S. investigation and charges brought against McKinsey by South Africa’s National Prosecuting Authority.
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This month, South Africa assumed the presidency of the G-20 and its related private-sector group, Business 20. As the most industrialized nation on the continent, South Africa intends to emphasize the developmental objectives of the region and the broader Global South.
Business Unity South Africa will represent the country’s private sector within B20, actively working alongside McKinsey in preparation for the 2025 summit.
The business coalition finds it “appropriate” to collaborate with McKinsey following the restitution agreement and the firm’s promise to cooperate with authorities to address the impacts of state capture, as expressed by Cas Coovadia, the sherpa for B20 South Africa and the outgoing head of Busa.
According to Kerry Naidoo, McKinsey Africa’s Director of Communications, McKinsey is acting as a “development and knowledge partner,” offering support to the organization on a pro-bono basis.
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