President Cyril Ramaphosa has appointed a high-powered to as members of the Presidential State-Owned Enterprises Council (PSEC) to support government repositioning of embattled state-owned enterprises (SOEs).
The PSEC which will be chaired by the Ramaphosa, will be comprised of ANC policy heavyweight, Joel Netshitenzhe, Sanlam CEO Ian Kirk, Monhla Hlahla, Vusi Khanyile, former national treasury bigwig Michael Sachs, Marion Lesego Dawn Marole, Bajabulile Swazi Tshabalala, Sipho Nkosi, Kandimathie Christine Ramon and Nazmeera Moola.
The Presidency in a statement said the PAEC’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,” read the statement in parts.
“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.”
South African’s SOEs particularly Eskom, SAA, PRASA, Denel have been an albatross on government’s finances for many years.
