The Johannesburg Stock Exchange has publicly censured and fined the Komati Basin Water Authority R500 000 for failing to publish a timely announcement about the appointment of an executive operations director, with the fine suspended for three years on condition that the entity does not commit further breaches during that period.
KOBWA is a bi-national entity between South Africa and Eswatini established in 1993 under a 1992 treaty. It operates the Maguga Dam in Eswatini and the Driekoppies Dam in South Africa, with a focus on water security for irrigation and downstream usage.
Listed companies are required to announce any major changes, including changes to executive members, through the Stock Exchange News Service. The JSE said the appointment of KOBWA’s Executive Operations Director was made on 11 August 2025, but the entity only published the required announcement on 19 November 2025, more than three months later. 
“The provisions of paragraph 6.42(a) of the JSE’s Debt and Specialist Securities Listings Requirements require an issuer, through its debt sponsor or designated person, to notify the JSE of any change, including the reason for the change, to the board of directors, the company secretary or debt officer including the appointment of a new director,” the bourse said.
The JSE noted that this was not the first time KOBWA had fallen short of its disclosure obligations. The bourse recorded this as the entity’s fourth instance of non-compliance in recent years, listing a late announcement in 2022 relating to key executive management and board changes, a late announcement in 2023 relating to a board change, a late announcement in 2025 relating to the appointment of new auditors, and the most recent late announcement in 2025 regarding a board change.
“Having regard to the JSE’s finding of breach and the Issuer’s repeated history of similar contraventions, the JSE has decided to impose this public censure on KOBWA and a fine of R500 000, of which the fine is suspended for a period of three years, on the condition that the Issuer is not found to be in breach of the DSS Listings Requirement during the period of suspension,” the bourse said.
The JSE did not hold back in its assessment of KOBWA’s conduct, saying the entity’s continued failure to meet its disclosure obligations was unacceptable.
“This is particularly concerning given that the Issuer has previously relied on its internal governance structures and advisory support as safeguards against further lapses. The recurrence of delayed disclosures points to material weakness in the Issuer’s compliance framework and reflects an ongoing disregard for the obligations imposed by the DSS Listings Requirements,” the JSE said.
