BMF urges black execs not to apply for top jobs at state-owned companies
The Black Management Forum has urged black executives not to apply for senior positions at state-owned companies.
This comes in the wake of the resignations of SAA CEO Vuyani Jarana and Eskom CEO Phakamani Hadebe in the last week.
BMF president Andile Nomlala called on black executives not to apply for positions such as chief financial officer or chief executive officer until the government has developed a clear governance framework for "these critical public institutions".
Nomlala said BMF was shocked by Jarana and Hadebe's resignations.
"There was a time when some SOCs [state-owned companies] were reasonably well run under the leadership of black people such as Reuel Khoza, Thulani Gcabashe and Peter Matlare.
"However, SOCs have become a slaughterhouse for skilled black leaders and executives whose reputations get tarnished because of factors that are beyond their control.
"It has come to our attention that other black leaders and executives are on the verge of also submitting their resignation letters due to intolerable levels of political interference and the failure of the government to fully support them and address the capital structures and funding models of their struggling SOCs," Nomlala said.
Nomlala accused public enterprises minister Pravin Gordhan of behaving like the de facto CEO within state-owned companies.
"This governance framework should also outline the role of the minister of public enterprises, who has clearly over-reached his authority," he said.
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