• Road to riches

    Taxpayers keep funding structures with big plans but who knows what efficacy, says Mandi Smallhorne.

  • Don't fall for Ponzi scams

    An expert unpacks the tell-tale signs to watch out for.

  • Inside Labour

    A smokescreen of misleading rhetoric won't make SA's problems go away, says Terry Bell.

See More

Eskom aims to turn a new leaf

Apr 27 2010 15:48 Sikonathi Mantshantsha

Related Articles

Govt may help Eskom's Kusile

Eskom may be split up

ANC controversy 'damaging Eskom'

BHP deal reworked - Eskom

Eskom refutes DA Hitachi claim

Eskom report shows payment woes


Johannesburg - New management at Eskom has apparently taken a conscious decision to look anew at the power utility's corporate governance policies in a bid to avoid reputational damage.

According to Eskom's finance director Paul O'Flaherty, the power utility would prefer to avoid the type of controversy it created by awarding tenders to Hitachi Power Africa, in which South Africa's ruling party had an indirect stake through its Chancellor House investment arm.

"In the next few weeks the chairperson [Mpho Makwana] and I will have a conversation on whether we should bring the Chancellor House matter to the board when it next meets towards the end of May," O'Flaherty recently told Fin24.com. "As executive directors we normally put the board agenda together."

Eskom's board has not met since before the power utility was awarded a R28bn World Bank loan to complete the construction of the Medupi power station. O'Flaherty and Makwana are the only executive directors sitting on the company's board.

The reason why O'Flaherty said the board might have to discuss the Chancellor House issue, is because he feels Eskom has to turn over a new leaf and start winning friends.

The Eskom board had in 2008 decided there was nothing untoward about the Hitachi/Chancellor House deal, said O'Flaherty. But the controversy it has since generated has brought reputational damages to both Eskom and Hitachi.

"We have not covered ourselves with glory in the past. This is a reputational issue," said O'Flaherty. "We'll look at the lessons learnt from this. And we'll learn to manage conflict of interests better."

 - Fin24.com

eskom  |  mpho makwana  |  paul o'flaherty



Company Snapshot

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote