Friday, 12 June 2020

Pretoria: President Cyril Ramaphosa has appointed members of the Presidential State-Owned Enterprises Council (PSEC).

The PSEC is to support government’s plan to reposition State-owned enterprises as effective instruments of economic transformation and development.

The President will chair the PSEC, which will comprise Ministers responsible for SOEs, and eminent South Africans with proven leadership and strategic capabilities.

The PSEC members include:

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

“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,” said the Presidency.

The PSEC 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,” said the Presidency.

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

As the shareholder representative for government with oversight responsibility for SOEs, the Department of Public Enterprises (DPE) will serve as the secretariat for the council.