Pres. Cyril Ramaphosa has appointed a council of ten experts to help him position state enterprises as “effective instruments of economic transformation”.
The presidency said in a statement Thursday night that Ramaphosa will be the chairman of the presidential board for state enterprises.
The council’s mandate is to create, among other things, an overarching law under which state-owned enterprises will fall and to develop a “suitable model for shareholder ownership”.
“The council will also ensure that specific interventions are implemented to stabilize businesses by strengthening their management, addressing their immediate liquidity challenges and implementing agreed turnaround strategies,” the statement states.
The council will review the mandate of state enterprises to ensure that they make a positive socio-economic contribution that is in line with the national development agenda.
The board will also review and monitor business models, capital structure and funding sources for state-owned enterprises.
“The Department of Public Enterprises will serve as the secretariat of the council, as this department is the shareholder representative for the government, with oversight responsibility for state enterprises.”
Some of the government companies that are facing major problems include the South African Airways, Denel, Eskom and the Land Bank.
The council’s other members are:
- Monhla Hlahla: chairman of Denel;
- Joel Khathutshelo Netshitenzhe: Executive Director and Deputy Chair of the Mapungubwe Institute for Strategic Reflection;
- Vusi Khanyile: chairman of Thebe Investments;
- Michael Sachs: adjunkprofessor by Wits;
- Marion Lesego Dawn Marole: Non-Executive Director at MTN and the Development Bank of Southern Africa;
- Bajabulile Swazi Tshabalala: Vice President responsible for Finance and CFO of the African Development Bank;
- Sipho Nkosi: Director at Sanlam;
- Kandimathie Christine Ramon: CFO at AngloGold Ashanti;
- Ian Kirk: Sanlam CEO; and
- Nazmeera Moola: Economist and Head of Investments at Ninety One.