Given the track record of SOEs in South Africa, a lot more needs to be done in their management and governance spheres, an expert says.
A banking and finance expert has questioned amendments to the Banking Act that allowed for the establishment of the state bank and for state-owned entities to set up their own banks, citing a big concern given the poor track record in the management of the SOEs.
Coetzee cited the issue of trust of state entities by economic players because “at the heart of a vibrant and stable financial system was the notion that economic players trust the system”. He was reacting to the adoption of the Financial Matters Amendment Bill by parliament this week, effectively amending the Banking Act to provide for the establishment of the state bank and authorised for SOEs to establish banks of their own.
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