Transnet has formed a new subcommittee to track and monitor business operations during the implementation of its current recovery programme and major reforms taking place in the logistics sector.
Transport Minister, Barbara Creecy, approved the formation of the new business operations performance committee, Business Day reported on Thursday.
Engineer Refilwe Buthelezi is the chairperson of the six-member committee, which includes accounting, engineering and business turnaround professionals.
Members are former cabinet minister Sydney Mufamadi, Martin Debel, Busisa Jiya, Dipak Patel and Boitumelo Sedupane.
Transnet chairperson Andile Sangqu said the committee would not perform a management role.
“Transnet is a company in transition, with a number of key transformative initiatives under way. The company is implementing a corporate strategy intended to reverse historic underperformance and reposition it for growth, while preparing for open access in line with economic reforms as announced by the government,” Sangqu told Business Day.
“The board recognises its responsibility to steer the strategic direction of Transnet and ensure achievement of its strategic goals.”
He said the committee was tasked with ensuring oversight of business operational performance, in alignment with the company’s strategy.
“The board has reviewed the committee structures of Transnet and identified the need to establish the business operations performance committee for this purpose,” Sangqu said.
It will also review and recommend reports on critical strategic initiatives to ensure the company reaches its planned targets and recommend remedial action.
The board earlier approved a recovery plan to confront business challenges that affect its overall financial stability. It aims to reduce operational constraints to achieve a target of moving 250 million tonnes of goods by 2030.
Transnet’s board was appointed after it reported a R5.7bn operating loss in the 2022/23 financial year.
