GOVERNANCE
Directors quit Acsa board after Nzimande comments
Simelane and Mabela cite political overreach and the minister’s inference that they are linked to the Gupta family
The resignation of two directors from the board of Airports Company SA (Acsa) over corporate governance issues and political interference brings into question Transport Minister Blade Nzimande’s public declarations about malfeasance at state-owned enterprises. The two nonexecutive directors, Siyakhula Simelane and Steven Mabela, constituted the audit and risk committee of the board. Their resignations mean that the board now consists of only two members, executive director and CEO Bongani Maseko and acting nonexecutive chairman Deon Botha. It means also that the board has been rendered ineffectual. Acsa’s memorandum of incorporation requires a nonexecutive majority on the board. The directors’ resignations come after a Radio 702 interview with Nzimande as representative of the state, which is a 74.6% shareholder of Acsa. The Public Investment Corporation owns 20% of Acsa, and the balance is owned by black economic empowerment entities, including African Harvest. During the interview...
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