Pravin Gordhan

Minister of Public Enterprises Pravin Gordhan / File Photo

Gordhan provides SOE “recapture” update, discusses new plans

Pravin to the rescue?

Pravin Gordhan

Minister of Public Enterprises Pravin Gordhan / File Photo

A lot has happened in the five months since Pravin Gordhan took over as Minister of Public Enterprises. Eskom and Denel got a new board, corruption began to be chased out and the path to save many sinking ships was drawn. Now, Gordhan has reported back and offered a look to the future.

Gordhan briefed journalists on Tuesday as he assured the nation that his department will work with State Owned Enterprises (SOEs) on their integrity and stability. The minister explained that this will go a long way in restoring confidence, therefore allowing SOEs to contribute to the development of the economy.

Read: Pravin Gordhan: Five facts about the new Public Enterprises Minister

Godhan told the press that his goals are in line with President Cyril Ramaphosa’s promise to “recapture” SOEs.

“It means getting the governance right in each of the six institutions that we are responsible for and that means reviewing all the boards, the kind of record that they have had over a period of time, the diligence with which they have applied themselves to tackling the misdemeanours and malfeasance that have happened to those entities and whether they have been effective in stopping state capture and interrupting its flow,” he said.

The minister continued to echo Ramaphosa’s stance that the way business is done in SOEs needs to be changed, along with their funding models. There was also a need to appoint people with the “requisite skills and integrity” to the boards of these institutions.

The former finance minister’s explained that his initial approach was to recognise the size of the entities, their budgets and how they impact the people of South Africa. A review of all boards and senior managers has also been carried out.

Gordhan will table his department’s budget vote in Parliament on Friday. He wants “checks and balances” in order to ensure that good decisions are being made.