Way off track
I REFER TO THE letter headlined “Transnet’s turnaround” from Geoff Everingham (14 August). In it, Everingham lavishes huge praise on Transnet and its management team. Unfortunately, as acknowledged by Finweek, Everingham isn’t an independent and impartial judge of the public corporation. He’s a Transnet director and also chairman of its audit committee. That puts his views in a totally different light.
I can’t imagine a director of a major public company and head of its audit committee writing to a financial magazine (as opposed to responding to questions as part of an interview) extolling the virtues of the company and in so doing boosting public perceptions of its value. I find this highly unusual – to put it mildly.
Everingham goes on to state Transnet’s core business consists of “freight transport and logistics through rail freight, ports and pipelines”. I know nothing of its pipeline operations, but from personal experience I have no confidence whatsoever in its rail freight and port operations.
I’d suggest that if Transnet wants favourable publicity it doesn’t go the route of one of its directors performing an unsolicited and jaundiced public relations exercise. Rather let the users of its services perform that function.