SA may need “less orthodox” approaches to finance the unprecedented R500 billion stimulus package announced by Predident Ramaphosa, say economists.
President Cyril Ramaphosa has appointed members of the Presidential State-Owned Enterprises Council, the Presidency announced on Thursday evening.
The council will support government in repositioning state-owned enterprises “as effective instruments of economic transformation and development”, the Presidency said in a statement.
Among its responsibilities will be developing a stronger framework for governing the country’s SOEs, many of which have failed to achieve clean audits in recent years.
- READ | Worst audit outcomes ever for SOEs
Reforms will include the introduction overarching Act governing SOEs and stabilising companies through a new shareholder ownership model.
They will also help implement agreed turnaround strategies.
The council, which will be chaired by Ramaphosa, includes Cabinet ministers overseeing SOEs as well as the following members:
Monhla Hlahla: Chairperson of Denel
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
Ms Marion Lesego Dawn Marole: Non-Executive Director of MTN Group Ltd and Development Bank of South Africa
Ms Bajabulile Swazi Tshabalala: Vice President for Finance and Chief Financial Officer at African Development Bank
Mr Sipho Nkosi: Director of the Sanlam Board
Ms Kandimathie Christine Ramon: Chief Financial Officer at Anglo Gold Ashanti
Mr Ian Kirk: Group Chief Executive Officer and Executive Director at Sanlam
Ms Nazmeera Moola: Economist and Head of investments at asset manager Ninety One.
* More to follow
