The Presidency has revealed the state has recovered R5.4bn, including R2.9bn in cash, out of an estimated R57bn stolen during the state capture era, upon releasing a progress report on implementation of the recommendations arising from the State Capture Report.

Public Enterprises Minister Pravin Gordhan said the Department of Public Enterprises is refining the National State Enterprises Bill on the basis of public comments received, including in relation to board appointments at SOEs.

A Business Day report notes the Bill gives effect to the recommendations of the Presidential SOE Council’s recommendation that SA adopt a centralised shareholder model, to improve the management and oversight of SOEs.

Gordhan said central to the process of refining the Bill was to establish a comprehensive and inclusive framework for the appointment of boards within SOEs.

‘The envisaged revisions seek to go beyond a mere legal framework. The department aspires to codify a board appointment process that embodies the principles of transparency, equity and fairness. By emphasising these core values, the department aims to instil a robust and accountable mechanism that stands as a testament to the commitment to good governance and stakeholder inclusivity,’ Gordhan said.

‘The envisaged processes for appointing board members to SOEs are expected to be comprehensive, designed to uphold transparency, fairness, and meritocracy. This will necessitate a thorough evaluation of candidates based on qualifications, experience, and alignment with the strategic objectives of the relevant SOEs,’ he added.

Full Business Day report