The Cabinet has endorsed the appointment of an interim board at the Umgeni Water Board, in order "to stabilise the governance issues" at SA’s second-largest water utility. The interim board will assume control "while the minister is expediting the process to appoint the fully fledged Umgeni Water Board," the Cabinet said in a statement on Friday, on the decisions taken at its meeting on Wednesday. The Umgeni Water Board has an annual turnover of more than R2.4bn and a capital expenditure budget for the next five years of more than R7bn. It has R1.5bn in listed bonds in issue. Instability at the board has been of concern to investors, particularly asset manager Futuregrowth. The Cabinet was briefed on the discussions the Department of Water and Sanitation was having with its investors. The following individuals have been appointed to the interim board: Ziphozethu Mathenjwa (chairperson); Nompumelelo Chamane; Visvin Reddy; David Dikoko; Zodwa Manase; Tshidi Hatashe and Midiavhathu Tsh...
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