The new council will be responsible for supporting government in repositioning state-owned enterprises.
AngloGold Ashanti CFO Christine Ramon and African Development Bank CFO Bajabulile Swazi Tshabalala are among 10 people appointed to the Presidential State-Owned Enterprises Council (PSEC).
Khusela Diko, the President’s spokesperson, said in a statement that the council will support the government in repositioning 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, including:
- Denel chairperson Monhla Hlahla
- Mapungubwe Institute for Strategic Reflection executive director and vice-chairperson Joel Khathuthshelo Netshitenzhe
- Thebe Investments chairperson Vusi Khanyile
- Wits University adjunct professor Michael Sachs
- Development Bank of South Africa and MTN Group non-executive director Marion Lesego Dawn Marole
- African Development Bank vice president for finance and CFO Bajabulile Swazi Tshabalala
- Sanlam director Sipho Nkosi
- AngloGold Ashanti CFO Christine Ramon
- Sanlam Group CEO and executive director Ian Kirk
- Ninety One head of investments 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 mode,” said Khusela.
She added that the council will also ensure that SOE-specific interventions were implemented to stabilise companies “through the strengthening of their governance, addressing their immediate liquidity challenges and implementing agreed turnaround strategies”.
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.
It will also review business models, capital structure and sources of financing for SOEs and will monitor and mitigate risks.
The Department of Public Enterprises will serve as secretariat for the council, as it is the shareholder representative for government, with oversight responsibility for SOEs.
