Today's Labour News

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ramaphosa2Fin24 reports that President Cyril Ramaphosa held talks on Wednesday with the chief executives of over 20 state-owned companies (SOEs), where they discussed the challenges they faced in implementing their mandates.  

The meeting came after the CEOs at Eskom and SAA quit their jobs, serving to highlight the extent of operational problems in these key entities.  Ramaphosa said in a statement that the engagements had raised several critical areas that limited the ability of SOEs) to drive growth and development.  "These range from inadequate capitalisation and poor governance to outdated legislation and political interference.  As government, we are committed to working with the leadership of SOCs and stakeholders to urgently address these difficulties," he stated.  Ramaphosa noted that several entities were facing severe financial and operational challenges that posed great risks to the country’s economy.  Last week, SA Airways (SAA) boss Vuyani Jarana resigned from his job, citing a lack of certainty around the funding for his turnaround strategy.  Two weeks earlier Phakamani Hadebe threw in the towel at power utility Eskom.  The meeting recognised that SOEs have "considerable resources and capabilities that, if better coordinated and managed, could have a far greater impact on economic growth and job creation".

  • Read the full original of Sibongile Khumalo’s report on the above at Fin24
  • Read too, President meets state firm chiefs after resignations, at Moneyweb

Get other news reports at the SA Labour News home page