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.
The following people have thus been appointed to the Board:
- Mr Mafika Mkwanazi (Chairperson)
- Mr Peter Malungani
- Mr Israel Skosana
- Ms Nazmeera Moola
- Mr Michele "Mike" Fannuchi
- Ms Doris Tshepe
- Mr Donald Mkhwanazi
- Ms Tembakazi Mnyaka
- Ms Ellen Tshabalala
- Mr Iqbal Sharma
- Mr Harry Gazendam
- Professor Juergen Schrempp
The following people have been retained from the outgoing Board, for continuity and knowledge of the business.
- Mr Peter Moyo
- Ms Nolwazi Gcaba
- Ms Nunu Ntshingila
This brings the Board to a complement of fifteen Non-Executive Directors and two Executive Directors. One vacancy will remain on the Board, and will be filled at a later stage.
The appointment of the new Non-Executive Directors will be for a three-year term, subject to annual review by the Minister of Public Enterprises.
The incoming members will shortly be taken through a Board induction process, intended to bring them up to speed with the immediate challenges facing Transnet, as well as the expectations from the Shareholder with regard to their respective roles on the Board.
I would like to take this opportunity to thank the outgoing members of the Board. Transnet continued to post positive results during the period, and forged ahead with its investment programme, which is testament to the calibre of leadership at the utility.
Statement issued by Malusi Gigaba, Minister of Public Enterprises, December 8 2010
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