SOCs commit to improve governance, build economy

Wednesday, March 14, 2018

Chief Executive Officers (CEOs) of a number of state-owned companies (SOCs) have committed to improve governance and ensure economic growth.

“They have further committed to key actions to leverage the power and scale SOCs as a cohesive and effective group contributing to economic growth through improved governance, economic recovery, SOC reform and transformation encompassing procurement practices, develop finance and support for women in skills and business development,” the Presidency said in a statement on Tuesday.

In his maiden State of the Nation Address in February, President Ramaphosa noted governance challenges, fragmentation of the work of the SOCs and lack of alignment between the SOCs and priorities of government, which directly impact issues of poverty, unemployment and inequality, as some of the issues faced by SOCs.

He further committed that government would stabilise SOCs and put measures in place that will see these companies fulfil their economic and developmental mandates.

During the meeting with the President on Tuesday, the CEOs presented proposals on initiatives for economic recovery including advanced manufacturing; creating meaningful employment in the agricultural sector; monetizing digital capabilities to boost the economy, and the development of logistics systems to enable and accelerate economic growth.

“President Ramaphosa has welcomed the commitment of CEOs to reposition SOCs as enablers of growth, driven by a common vision and higher levels of cooperation and synergy.

“President Ramaphosa will continue to meet with different SOC chief executives in due course,” said the Presidency. - SAnews.gov.za

 

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