14 May The Appointment on an interim board of Transnet SOC Limited
In terms of the requirements of the Companies Act and having carefully considered representations by the remaining Transnet directors, Mr. Seth Radebe, Ms. Potso Mathekga and Mr. Zainul Nagdee concerning their retention on the new board, Minister Pravin Gordhan has decided to remove them as non-executive directors with immediate effect.
The Minister has appointed a new interim board, pending a full appointment, in consultation with Cabinet. The Interim board comprises of:
- Mr. Popo Molefe as chairperson
- Mr. Louis Zeuner
- Ms. Ramasela Ganda
- Ms. Ursula Fikelepi
- Mr. Edward Kieswetter
- Ms. Dimakatso Matshoga
“Transnet is facing serious allegations of maladministration and corruption. The previous board has not demonstrated appreciation of the seriousness of issues at hand or the ability to deal with these decisively in order to protect the entity in the interest of South Africans,” said Gordhan.
“We have to hold directors of SOCs to a high standard of corporate governance and accountability and to protect the assets of the State.”
The Minister is confident that the new interim board has the capacity to provide the kind of corporate governance needed during this period and to provide stability and certainty.
ABOUT THE NEW BOARD MEMBERS
Mr Popo Molefe
His leadership expertise, knowledge of transport logistics, mineral resources and diverse industries are expected to add value to the board.
Louis von Zeuner
His skills in investment, financial management, auditing, risk management and leadership are expected to add value to the board.
Ramasela Ganda
A qualified Chartered Accountant with expertise in financial management, audit- and risk management.
Ursula Fikelepi
Holds a Master of Business Administration (MBA) from GIBS and an LLM from the University of New Hampshire. Her skills in corporate legal and regulatory, mergers and acquisitions are expected to add value to the board.
Edward Kieswetter
He recently retired from Alexander Forbes as Group CEO, a position he assumed in 2010. He is a former Deputy Commissioner of the South African Revenue Service (SARS). His expertise in financial business management and his leadership in positions in both the public and private sectors, are expected to strengthen the board.
Dimakatso Matshoga
Her skills in engineering and project management, strategy and rail transport are expected to add value to the board.