, 5 tweets, 1 min read Read on Twitter
I am more than confident to state that none of our SOEs pass the test of Fit for Purpose and they also fail to maintain the discipline it requires. Most lack: 1. Rationalè behind their stated purpose and strategic intent under the democratic era.
2. They lack appropriate structures and governance frameworks 3. Their Boards are Not independent; Not properly mandated and appointed in a transparent process as contemplated in the Companies Act No 71 of 2008. They also lack a mix of requisite skills.
Oversight ministers have frequently overridden mandates of Boards on performance oversight and strategic issues. They behave as if their wisdom as individuals exceeds the cumulative wisdom of all the "independent" members. This conduct is disrespectful.
You all heard Siza Mzimela recounting how a foreign Indian airline executive directed her, as CEO of SAA, right in front of Gigaba to abandon the India route. This is supposed to be an SoE under an independent board!!! Good Heavens. What's happened to us?
A statement has been made that government officials work very hard to monitor performance of SOEs. With due respect that is the specified role and mandate of a properly constituted Board.
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