Statement by the Minister of Public Enterprises on the announcement of a Board of Directors for Transnet
Cabinet today endorsed the appointment of new members to the Board of Transnet. The appointment of a Chair and the filling of other vacant Board positions is a significant step forward for the company, as it brings some stability to its leadership, and allows it to better focus on its core business.
The Board is a key link between the company and the Shareholder, and is instrumental in ensuring that the work of the state-owned enterprises (SOEs) is aligned to achieving the developmental objectives of the State. As we go forward as a Department, our plan is to strengthen the relationship between the Shareholder and the Boards of all the SOEs in our portfolio, through monthly meetings with each of the Chairs and CEOs, and biannual Chairpersons Forums, so that we can better utilise these instruments to advance the State's economic growth and development plans.
The incoming Board of Transnet already has its work cut out for it - we will give it some stringent timelines during which it must finalise the recruitment process for the Group CEO, and to make the necessary recommendations to the Ministry. The filling of other key vacancies within the Transnet Group is also an immediate priority for the Board.
It is unfortunate that the filling of these positions has taken longer than desired to finalise, but we are confident that the appointment of the Board places the company on a firmer footing to achieving its strategic mandate as set out by the State.
The Transnet Board requires a complement of members with the requisite skills, experience, expertise and representation, especially in light of the extensive capital expansion programme currently underway.