Ramaphosa appoints council ‘to reposition SOEs’ for economic transformation

President Cyril Ramaphosa has appointed members of the Presidential State-Owned Enterprises Council (PSEC) to support government in repositioning state-owned enterprises as effective instruments of economic transformation and development, the Presidency said in a statement.

“The PSEC will be chaired by the president and will be composed of ministers responsible for state-owned enterprises, and the following eminent South Africans with proven leadership and strategic capabilities:

Monhla Hlahla: Chairperson of Denel Soc Ltd.
Joel Khathuthshelo Netshitenzhe: Executive Director and Board Vice-Chairperson of the Mapungubwe Institute for Strategic Reflection (MISTRA).
Vusi Khanyile: Chairperson of Thebe Investments.
Michael Sachs: Adjunct Professor at Wits University.
Marion Lesego Dawn Marole: Non-Executive Director of MTN Group Ltd and Development Bank of South Africa.
Bajabulile Swazi Tshabalala: Vice President for Finance and Chief Financial Officer at African Development Bank.
Sipho Nkosi: Director of the Sanlam Board.
Kandimathie Christine Ramon: Chief Financial Officer at Anglo Gold Ashanti.
Ian Kirk: Group Chief Executive Officer and Executive Director at Sanlam.
Nazmeera Moola: Economist and Head of investments at Ninety One plc, an asset management business.

“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 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.

“Furthermore the Council will review business models, capital structure and sources of financing for SOEs and will monitor and mitigate risks.

“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,” the statement concluded.

For more news your way, download The Citizen’s app for iOS and Android.