SIKONATHI MANTSHANTSHA: Eskom: The definition of treason
Eskom is the single largest risk to the whole financial system
Last year Eskom published its interim results on November 3, only 33 days after the end of the reporting period in September. After Paul O’Flaherty became finance director in 2010 the utility had always reported its financial performance within three months of the reporting period. By the time he left, in July 2013, Eskom’s financial management and reporting was almost on par with the best and biggest JSE-listed companies. When O’Flaherty joined Eskom, there was still hope the utility could be partly privatised, by listing it on the JSE. He told me at the time that he wanted Eskom to internalise the tradition of prudent financial reporting that was the mainstay of corporate entities that took their responsibility to stakeholders seriously. Those days are now gone. This time round, says spokesman Khulu Phasiwe, nobody knows when the results to the end of September will be published. Phasiwe says the utility is still busy with the audit, and the auditors want to do a thorough job of t...
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