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New Telkom chair takes on government

Nov 20 2012 10:28 Sapa

Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 60.41
Change 1.94
% Change 0.03
Cumulative volume 778841
Market cap 31.46bn

Last Updated: 02/09/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - New Telkom [JSE:TKG] board chairperson Jabulane Mabuza believes that the government, its shareholder, cannot determine its strategy, Business Day reported on Tuesday.

"The day shareholders give you a strategy, they may as well come and run the business," he was quoted as saying.

"I don't see the government as a shareholder any differently to the other shareholders."

This was in stark contrast to the government's plans to impose a new blueprint on the parastatal, according to the newspaper.

The government devised policies that informed Telkom's strategy, Mabuza said.

The government is the JSE-listed company's largest shareholder with 39.8%. The Public Investment Corporation owns a 10.9% stake in Telkom.

Mabuza said cabinet could not impose strategy on a listed company.

"It cannot work that way. Government, as a shareholder, has a forum that it can use to persuade other shareholders," he told Business Day.

Mabuza was appointed on Friday and had to develop strategies that would be sold to shareholders. He believes Telkom can strike a balance between meeting the government's socioeconomic goals and the public sector's needs.

       


 
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