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Presidential SOE Council Holds Inaugural Meeting

November 9, 2020

The Presidency

The Presidential State-owned Enterprises Council has held its inaugural meeting.

The Council was set up in June 2020.

In an earlier statement, the presidency indicated that the Council is designed to support government to reposition state-owned enterprises (SOE) as effective instruments of economic transformation and development.

The Council is chaired by president Ramaphosa and includes relevant ministers.

“The Council’s mandate includes strengthening the framework governing SOEs including the introduction of an overarching Act governing SOEs and the determination of an appropriate Shareholder Ownership Model.”

In the latest statement, the presidency confirmed that the Council is composed of deputy president David Mabuza, cabinet ministers and eminent labour, business and academic leadership.

“The Council has been tasked by the President to advise Government on the repositioning of SOEs, development of appropriate governance frameworks; to identify specific interventions to stabilise and strengthen SOEs’ financial and operational performance and reduce reliance on the fiscus, and ensure SOEs are repurposed to align with national priorities.”

The president called on the Council to prioritise SOEs that can have a “greater impact on the economy, mobilisation of private capital, and increased operational efficiencies in support of improved national output”.

The Council plans to report back to the president by January 2021.