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Ramaphosa announces members of the newly formed Presidential State Owned Enterprise Council

President Cyril Ramaphosa has announced members of the newly formed Presidential State Owned Enterprise Council (PSEC). The main objective of the PSEC is to support government in re-positioning State owned enterprises as they are crucial instruments of economic transformation and development.

President Cyril Ramaphosa has delivered on the promise made recently during the virtual media briefing with the South African National Editors Forum. Ramaphosa promised that he will soon announce a new council to assist government in ensuring that the future of State Owned enterprises such as Eskom and the South African Airways is reshaped in a way that will benefit South Africans. The president also explained what is being done behind the scenes to help both Eskom and SAA.

Members of PSEC

Here is a list of the members of the Council. Monhla Hlahla: Chairperson of Denel Soc Ltd. Joel Khathutshelo Netshitenzhe : Executive director and board vice chairperson of the Mapungubwe Institute for strategic Reflections(MISTRA). Vusi Khanyile: Chairperson of Thebe Investments. Michael Sachs : Adjunct professor at Wits University. Marion Lesego Dawn Marole. None 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. Ian Kirk: Group chief executive officer and and executive director at Sanlam. Nazmeeera Moola: Economist and head of Investments at Ninety One plc an asset management business.The PSEC will be chaired by the president and will be composed of ministers responsible for State owned enterprises.

Role to be played by PSEC

The Presidency in a statement said that “the Council’s mandate includes strengthening the framework governing SOE’s  including the introduction of the overarching Act governing SOE’s and the determination of an appropriate Shareholder Ownership Model”. “The Council will also review SOEs 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”, the Presidency said.

“The Department of Public enterprise will serve as a secretariat for the Council as the department is the shareholder representative for government, with oversight responsibility for SOEs, the statement said. “The Council will ensure that SOE-specific interventions are implemented to stabilize companies through the strengthening of their governance, addressing immediate liquidity challenges and implementing agreed turnaround strategies”. The Council will also have a ciritical role to play in ensuring that SOEs are in line with the State’s developmental agenda. “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 developmental agenda.

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Cyril Ramaphosa Joel Khathutshelo Netshitenzhe Marion Lesego Dawn Marole Michael Sachs PSEC

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