Energy Minister cracks down on CEF governance
The Central Energy Fund (CEF) board will review its governance processes, as well as its turnaround strategies for the subsidiaries in the group, after Energy Minister Tina Joemat-Pettersson raised concerns around the recent lapses in governance in the group.
At a meeting held earlier this month and attended by the boards of Petroleum Oil and Gas Corporation of South Africa, the Strategic Fuel Fund (SFF), iGas, the Petroleum Agency South Africa, and African Exploration Mining and Finance Corporation, Joemat-Pettersson highlighted the need to strengthen both the governance and oversight responsibilities of the CEF in respect of its subsidiaries.
The Minister also raised specific concerns around the SFF and directed that a thorough review be conducted of SFF contracts from the 2014/15 financial year to date.
This review will include all contracts and transactions entered into in terms of the Ministerial Directive issued to the SFF, inclusive of the strategic stock rotation and storage and leasing agreements concluded.
This process will establish whether the transactions were implemented in accordance with the conditions as set out in Ministerial Directive, and whether these followed due process and were above board. Any lapse in governance processes or irregular actions will be further investigated.
The Minister welcomed and agreed to the request of the CEF board to appoint the Department of Energy’s deputy director general responsible for petroleum regulation Tseliso Maqubela as interim chairperson of the SFF board.
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