Business Leadership SA Reinstates Eskom’s Membership

PICTURE: Mail Media

JOHANNESBURG: Business Leadership South Africa (BLSA) has announced that it has lifted the suspension of power utility, Eskom and has reinstates its full membership in the organisation.

Eskom was suspended in September 2017 in the wake of serious allegations of state capture and corruption. 

In a statement issued by the organisation on Wednesday, Chief Executive Officer Bonang Mohale said: “After careful consideration of all the actions that the new administration and the new board of Eskom have taken to address Eskom’s governance, capital structure and leadership challenges which have hobbled operational effectiveness of the largest utility in our country.

“BLSA has decided it is now appropriate to lift Eskom’s suspension. This decision has been communicated to Eskom’s leadership,” said BLSA CEO Bonang Mohale.

“The decision to lift Eskom’s suspension – taken by the BLSA board – is in recognition of the progress made by Eskom’s new board since its appointment. As well as overseeing the exit of all the key problematic executives from the utility and taking credible disciplinary action against officials implicated in serious wrongdoing”

“The BLSA board’s decision was also informed by the appointment of Phakamani Hadebe as permanent CEO as part of the wider effort to restore governance at the utility. BLSA looks forward to the appointment of a permanent CFO and COO at the utility. 

“We are also encouraged by the undertakings made by the Eskom board that the resignation of compromised executives does not absolve these individuals from possible criminal action against them. But we recognise that their departure clears the way for the new leadership to proceed with the process of stabilising the operations of Eskom whilst restoring the company to financial health,” said Mohale.

“BLSA is satisfied and confident that the steps taken are correct and necessary to restore Eskom’s credibility. “Indeed we stand ready to support Eskom’s new leadership in their effort to restore governance, operational and financial stability at this important institution,” said Mohale.