Khusela Diko said the council would support government in repositioning state-owned enterprises (SOEs) as "effective instruments of economic transformation and development". 

Ramaphosa would chair the PSEC, said Diko, which would comprise ministers responsible for SOEs and "eminent" South Africans in the form of: 

Denel chairperson, Monhla Hlahla; 

Executive director and vice-chairperson of the Mapungubwe Institute for Strategic Reflection (MISTRA), Joel Khathuthshelo Netshitenzhe;

Thebe Investments chairperson, Vusi Khanyile; 

Wits University adjunct professor, Michael Sachs;

Non-executive director of MTN Group Ltd and Development Bank of South Africa, Marion Lesego Dawn Marole;

Vice president for finance and CFO at African Development Bank, Bajabulile Swazi Tshabalala;

Sanlam director, Sipho Nkosi; 

Anglo Gold Ashanti CFO, Kandimathie Christine Ramon;  

Sanlam Group CEO and executive director, Ian Kirk;

Economist and head of investments at Ninety One plc asset management, Nazmeera Moola.  

"The council’s mandate includes strengthening the framework governing SOEs including the introduction of an overarching Act governing SOEs and the determination of an appropriate Shareholder Ownership Model," said Diko. 

She said the council would also ensure that SOE-specific interventions were implemented to stabilise companies "through the strengthening of their governance, addressing their immediate liquidity challenges and implementing agreed turnaround strategies".

The council mandate would extend to a review of the role and mandate of SOEs to ensure a positive socio-economic contribution and alignment to the national development agenda.

"The council will also review SOE corporate plans to ensure alignment to government priorities and to ensure appropriate systems are in place to monitor implementation of such plans, as well as the operational and financial performance of SOEs.

"Furthermore, the council will review business models, capital structure and sources of financing for SOEs and will monitor and mitigate risks."

The department of public enterprises is to serve as secretariat for the council, as it is the shareholder representative for government, with oversight responsibility for SOEs. 

African News Agency