Pravin Gordhan to come down hard on SOEs with up close and personal monitoring
The Public Enterprises Minister is going to monitor the management and decisions of state-owned enterprises more closely as it has been ‘very weak’ in the past
The monitoring of state owned enterprises (SOEs) by the Department of Public Enterprises has been "very weak", Public Enterprises Minister Pravin Gordhan said in Parliament on Wednesday. He was briefing the public enterprises portfolio committee on the steps being taken to "recapture" and stabilise SOEs — including Eskom, Transnet and South African Airways (SAA) — with the aim of returning them to financial sustainability. The first priority was to get the boards and management teams, and to orientate these companies, on the right footing. This has been the focus of the past few months. Gordhan said during the period when state capture was prevalent in SOEs, the department had largely relied on quarterly reports from the companies. "The kind of monitoring of the actual core business and finances of these state-owned companies by the department is generally weaker than it should be." Reliance was placed on quarterly reports without a lot of closer understanding of the businesses and ...
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