• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Transnet appoints BEE auditors

Feb 20 2012 11:11

Johannesburg - State-owned enterprise Transnet has appointed SizweNtsalubaGobodo as its external auditor, Public Enterprises Minister Malusi Gigaba said on Monday.

“This is a sector that is struggling fully to transform... Today's announcement is a contribution towards changing the landscape of this industry,” Gigaba told reporters in Johannesburg.

The audit firm has been appointed for five years at a cost of about R70m a year.

Gigaba said the transformation of the accounting industry remained a “sore point in our democracy and society at large”.

The sector was still dominated by white South Africans at 89%, while black Africans represented only around 3%.

The minister said he had asked the boards of all state-owned enterprises to review their transformation progress.

Where it was time to rotate suppliers, their choice of a new incumbent should be determined by the empowerment agenda, he said.

Chairperson of Transnet's audit committee Peter Moyo said SizweNtsalubaGobodo had undergone a rigorous process before being appointed.

“When appointing black people there is the question around compromise,” he said.

Transnet went through a rigorous and thorough appointment process.

“We looked at the independence of people, their ability to do the work, the price and their transformation credentials.

“SizweNtsalubaGobodo competed against very established firms… and met all our criteria without any compromise,” Moyo said.

“Transformation is not equal to lowering standards,” he said.

SizweNtsalubaGobodo would provide a team of 150 people to the Transnet project.

Gigaba said the appointment of SizweNtsalubaGobodo took place at a critical time, as Transnet is rolling out a R300bn infrastructure programme over the next seven years.

transnet  |  bee


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote