CHARLES MOLELE
PRESIDENT Cyril Ramaphosa has appointed members of the Presidential State-Owned Enterprises Council (PSEC) to fine-tune ailing SOEs and turn them into well-oiled, efficient and profitable service providers.
In a statement issued on Thursday, Presidency said the PSEC will support government reposition state-owned enterprises as effective instruments of economic transformation and development.
During his second State of the Nation Address and the first in the sixth administration of the democratic government, Ramaphosa said through the PSEC, government intended to create alignment between all state-owned companies and better define their respective mandates.
The PSEC will be chaired by Ramaphosa and will be composed of ministers responsible for state owned enterprises and the following eminent South Africans with proven leadership and strategic capabilities:
- Ms Monhla Hlahla: Chairperson of Denel Soc Ltd
- Mr Joel Khathuthshelo Netshitenzhe: Executive Director and Board Vice-Chairperson of the Mapungubwe Institute for Strategic Reflection (MISTRA)
- Mr Vusi Khanyile: Chairperson of Thebe Investments
- Mr Michael Sachs: Adjunct Professor at Wits University
- Ms Marion Lesego Dawn Marole: Non-Executive Director of MTN Group Ltd and Development Bank of South Africa
- Ms Bajabulile Swazi Tshabalala: Vice President for Finance and Chief Financial Officer at African Development Bank
- Mr Sipho Nkosi: Director of the Sanlam Board
- Ms Kandimathie Christine Ramon: Chief Financial Officer at Anglo Gold Ashanti
- Mr Ian Kirk: Group Chief Executive Officer and Executive Director at Sanlam
- Ms Nazmeera Moola: Economist and Head of investments at Ninety One plc, an asset management business.
According to the Presidency, the Council’s mandate includes strengthening the framework governing SOEs including the introduction of an overarching Act governing SOEs and the determination of an appropriate Shareholder Ownership Model.
“The Council will also ensure that SOE-specific interventions are implemented to stabilise companies through the strengthening of their governance, addressing their immediate liquidity challenges and implementing agreed turnaround strategies,” the Presidency said.
“The Council mandate will extend to a review of the role and mandate of SOEs to ensure a positive socio-economic contribution and alignment to the national development agenda. The Council will also review SOE corporate plans to ensure alignment to government priorities and to ensure appropriate systems are in place to monitor implementation of such plans, as well as the operational and financial performance of SOEs.”
The Department of Public Enterprises (DPE) will serve as Secretariat for the Council as the department is the shareholder representative for government, with oversight responsibility for SOEs.
(Compiled by Inside Politics staff)
