New council for SOEs to provide political oversight and strategic management
The presidential state-owned enterprise co-ordinating council has been announced by President Cyril Ramaphosa
The presidential state-owned enterprise co-ordinating council (PSEC), announced by President Cyril Ramaphosa this week, will provide political oversight and strategic management for state-owned entities (SOEs).
Its focus will be to strengthen the governing framework for SOEs and ensure specific interventions are implemented to stabilise them.
Communications Minister Nomvula Mokonyane said at a post-Cabinet media briefing on Thursday that the membership of the council will consist of relevant ministers, experts, and representatives of labour and civil society. The names of the members will be announced at a later stage.
Mokonyane said the council would build on the work done by the inter-ministerial committee on SOEs that was formed in February 2015 and chaired by the then deputy president.
Said Mokonyane, "The broad terms of reference [of the council] are to reposition the SOEs as effective instruments of economic development."