Public enterprises wants to fast-track oversight bill on parastatals

3rd July 2019

By: African News Agency

  

Font size: - +

The department of public enterprises believes the Shareholder Management Bill should be fast-tracked to allow tighter oversight over state-owned enterprises, Deputy Public Enterprises Minister Phumulo Masualle said on Wednesday.

Masualle said the bill remained in the pipeline and there was a hope that it would one of a number of measures brought before Cabinet to turn around the fortunes of the country's troubled state-owned enterprises.

"There is a thinking that we should take it back as the department to see if we cannot achieve that in a much shorter time," he told Parliament's portfolio committee on public enterprises.

The remark followed a presentation to the committee on the department's annual plans and budget.

The bill aims to establish a legal framework in which all parastatals operate and to ensure that their boards and executives are held accountable.

It has been in the pipeline for years and is intended to address the concerns raised by the Presidential Review Committee on state-owned enterprises, which was appointed by former president Jacob Zuma in 2011.

Democratic Alliance (DA) MP Natasha Mazzone deplored the delays in acting on the findings of the commission, and said attempts to rid state-owned companies of corruption had been obstructed by appointing director-generals of departments in an acting capacity and replacing them roughly every six months.

"Every time a DG comes in they would last for six months until they have gotten too much information and were posing a threat to state capture.... I have to assume this has been done deliberately."

Edited by African News Agency

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION