Zuma takes charge of state owned companies

Work will commence for the creation of the Presidential State Owned Companies (SOCs) Coordinating Council, says Minister in the Presidency for Planning, Monitoring and Evaluation, Jeff Radebe.

“Work will start for the creation of the Presidential SOCs Coordinating Council, which will provide President Zuma line of sight on strategic decisions and interventions to create SOCs that play a transformative role in a capable developmental State,” said Minister Radebe.

The Minister was addressing media on Monday following last week’s four-day Cabinet Lekgotla.

“The aim is to create a coordinating council that is similar to the Infrastructure Coordinating Commission that is chaired by President Jacob Zuma because of the very important role that SOCs play in the economic development of South Africa,” said the Minister.

The Lekgotla reflected on progress made and the next steps in the reform of SOCs since the Cabinet Lekgotla of February 2015.

Cabinet noted that the implementation of the stabilisation programme at SOCs has progressed with varying degrees. It said the strengthening of leadership to execute the turnaround strategies remains critical.

Cabinet noted that power utility Eskom has largely been stabilised, with both operational and financial performance improving.

The Lekgotla placed priority on the finalisation of the Shareholder Ownership Model, which will inform the legislative framework for SOC reform by November 2016.

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Zuma takes charge of state owned companies