EDITORIAL: Depleted board oversees Transnet’s decline
The state-owned monopoly has lost most of its nonexecutive directors in the past few months
Those who have been fortunate enough to receive correspondence from Transnet in the past few months will have noticed that the letterheads of the state-owned company are now made up of a mere handful of nonexecutive directors. This untenable situation would not be tolerated by shareholders of a publicly listed company. Unfortunately, it has become the order of the day in SA’s failing state-owned enterprises (SOEs).
Eskom, the electricity monopoly that supplies more than 90% of all power to households and businesses, operated for years with a depleted board. This occurred amid the deepening economic hardship caused by the utility’s failure to keep the lights on. For years, Eskom’s board was led by an academic with no experience in leading a large company of Eskom’s complexity...
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