Late in 2016, the Cabinet approved a new framework for the governance of state-owned enterprises that aimed to bring more professionalism and integrity to the way in which the boards of directors were appointed and to ensure that the chairpersons and directors exercised their duties in a way that was best for our state-owned enterprises and for SA. Details of the new framework have yet to be published but it was one of the reforms that was marketed as progress when the ratings agencies reviewed SA’s credit ratings in November and December. All three ratings agencies have expressed concerns about the financial situation of the state-owned enterprises — and the potential risks this poses to the fiscus — as well as about their questionable governance. And now we have the Airports Company SA (Acsa), with reports that Transport Minister Dipuo Peters is seeking to oust four board members in a move seen as an attempt to shield CEO Bongani Maseko from being suspended and disciplined. The fo...
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