The findings were based on publicly available information covering 96 indicators of good corporate governance according to a research report produced by the Centre for Corporate Governance at the University of Stellenosch and released on Thursday, 11 October 2012.
The research covered other state-owned-enterprises including Transnet‚ Telkom‚ the South African Post Office and the Development Bank of Southern Africa.
Researcher Lynn Mc Gregor said the factors considered included:
McGregor said generally state-owned enterprises under-performed relative to the private sector with regard to corporate governance though they were generally better with regard to social aspects.
Advisor to the project Nozizwe Mdlala-Routledge raised concerns about the post-facto oversight by parliament of state-owned enterprises and about the process of appointing board members.
McGregor said government needed to be much more professional in the appointment of directors to the boards of state-owned enterprises.
She cautioned however that there were about 600 state-owned enterprises and entities so it was difficult to generalise.
Transparency and disclosure of information were critical‚ she said.
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