Eskom board remains ‘committed to the course’ to turn the SoE around

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JOHANNESBURG, January 19 – Following the first Eskom board meeting under the leadership of newly appointed interim chairman Professor Malegapuru Makgoba, the board of Eskom “remains committed to the execution of the company’s turnaround plan”, Eskom said on Sunday.

“Good corporate governance dictates that the lead independent director [Makgoba] steps in as chairman pro tem. This has been done and an appointment letter was issued by the shareholder earlier last week,” Eskom said in a statement.

The board looked forward to continue the “challenging task” of restoring Eskom to sustainability under Makgoba’s interim leadership and with the continued support of the shareholder.

Makgoba said in the statement the board welcomed the announcement by President Cyril Ramaphosa last weekend that the board would be strengthened and capacitated in line with the commitment made by the shareholder ministry late last year.

“The board fully supports the need for this to be done as a matter of urgency to enable us to fulfil our mandate,” he said.

Makgoba expressed the board’s gratitude to former chairman Jabu Mabuza for his leadership over the past two years, saying he had made “an exceptional contribution to Eskom and South Africa during his tenure, which was characterised by his firm commitment to bring stability to our company while restoring good governance at a very difficult time”.

“His leadership was exemplary, displaying consistent values of honour and integrity which have been extremely valuable to Eskom. We would also like to express our confidence in our newly appointed group chief executive André de Ruyter, as he embarks on the mammoth task of stabilising, leading, and transforming the utility.

“He and the board will shortly be deliberating on our action and implementation plans to address the challenges and issues facing Eskom. We have made the diagnosis and now is the time for treatment, no matter how radical, how bitter, or how uncomfortable, to be administered going forward,” Makgoba said.

– African News Agency (ANA)