The Presidential State-Owned Enterprises Council (PSEC) members have been announced, the council will be responsible for the management of state-owned enterprises (SOEs) for the purpose of economic growth.
President Cyril Ramaphosa will chair the council and the Department of Public Enterprises will act as a Secretariat. Ministers who are responsible for SOEs and the following members will make up the PSEC:
- Ms Monhla Hlahla: Chairperson of Denel Soc Ltd.
- Mr Joel Khathuthshelo Netshitenzhe: Executive Director and Board Vice-Chairperson of the Mapungubwe Institute for Strategic Reflection (MISTRA).
- Mr Vusi Khanyile: Chairperson of Thebe Investments.
- Mr 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 Ninety One plc, an asset management business.
The PSEC will be responsible for the following:
- Strengthening the framework governing SOEs by formulating an Act and creating a Shareholder Ownership Model
- Providing interventions that will improve governance and address problems with liquidity
- Evaluating the role and purpose of SOEs and align it with the national development agenda
- Reviewing SOE’s plans to ensure that it is in line with the government’s priorities and monitoring the implementation thereof
- Reviewing business models, capital structure and sources of financing for SOEs
Cabinet also announced that PetroSA, the Strategic Fuel Fund and iGas will merge to form one National Petroleum Company.
These measures are part of President Ramaphosa’s mandate to restructure state-owned enterprises to promote economic growth and development.