EDITORIAL: When your SOCs don’t match, Financialmail.co.za – Financial Mail
NOT just flawed, but nonsensical — that’s the governance model that plagues the operation of state-owned companies (SOCs). We have recently had the spectacle of the SA Airways board, where, apart from other chronic malfunctions, the chair refused to obey her minister’s instruction to reinstate the suspended CEO. Then, this week, we heard that the chairman of Eskom complained to the minister that some of his directors were defying his authority, having met without him.
There are dark rumours that the boards of all SOCs are up for “review”, with the minister as absolute as Robespierre in supervising the guillotine.