Ramaphosa: New legislation to centralise and standardise SOEs on the cards

The president said that new legislation would be introduced in 2021 to centralize and standardize governance at strategic state-owned enterprises (SOEs).

Speaking during his State of the Nation Address (Sona) on Thursday night, President Cyril Ramaphosa said the new legislation would require not only Cabinet proposals, but also Parliament’s input.

SOEs had long been seen as a thorn in the side of the South African taxpayer, frequently requiring expensive bailouts.

President Ramaphosa’s announcement that SOEs would soon be governed by new legislation coincided with recent revelations at the Zondo Commission which heard how Parliament’s poor oversight and complicity in the mismanagement of SOEs was partly to blame for the state that they were in.

“Overarching legislation for state-owned enterprises will be tabled in Cabinet this financial year and Parliament in the next financial year. A centralized SOE model is being implemented this financial year, which will ensure standardized governance, financial management, and operational performance framework for all of our SOEs.”

Ramaphosa said the mandates of all SOEs were also being re-evaluated to ensure that they were responsive to the country’s needs and the implementation of the National Development Plan.

-EWN

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