THE BAD

Finweek English Edition - - THE WEEK -

The de­ci­sion to re-em­ploy Brian Molefe as CEO of Eskom makes a mock­ery of good cor­po­rate gov­er­nance and shows there is lit­tle po­lit­i­cal will to im­prove the per­for­mance of the cru­cial util­ity, which op­er­ates thanks to gov­ern­ment guar­an­tees of sev­eral hun­dred bil­lion rand. As such, the per­for­mance of Eskom is closely mon­i­tored by rat­ing agen­cies, which have warned about the im­pact of strug­gling state-owned en­ter­prises on the coun­try’s fi­nances. Given the lack of fur­ther in­ves­ti­ga­tion into the Pub­lic Pro­tec­tor’s State of Cap­ture re­port, which ques­tioned Molefe’s close re­la­tion­ship with the Gupta fam­ily, his in­tegrity re­mains ques­tion­able at best.

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