Loading...

Cosatu unites with business against state capture, nuclear and Eskom

Jun 26 2017 14:56
Matthew le Cordeur

Cape Town – Labour federation Cosatu and Business Leadership South Africa (BLSA) have taken a united stand against state capture, nuclear energy and the Eskom leadership, among other issues plaguing the country.

The two organisations met on Friday and Saturday to create a plan to lift South Africa out of its current economic and political crisis, Cosatu general secretary Bheki Ntshalintshali and BLSA CEO designate Bonang Mohale revealed in a joint statement on Monday.

They called for:
  • An urgent and properly constituted, independent and sharply focused commission of inquiry into state capture.

  • The replacement of the entire Eskom board and the appointment of a “non-conflicted, respected and permanent” chairperson and chief executive.

  • The appointment of competent professionals of integrity to lead the South African Police Service, Hawks, National Prosecuting Authority and South African Revenue Service in the national interest.

  • Increased accountability of politically elected leaders, with enhanced checks and balances, including lifestyle audits.

  • A halt to the nuclear programme.

“Concrete action is required to reverse the current trajectory of low growth exacerbated by ratings downgrades, low business and consumer confidence, and tentative investment, each of which is a direct consequence of political uncertainty, corruption and state capture,” they said.

They cited the “uncertainty and the loss of investor and consumer confidence caused by arbitrary actions such as the March Cabinet reshuffle and the poorly reasoned attack on the independence and policies of the Reserve Bank by the Public Protector”.

The purpose of the meeting was for senior business and labour leaders to understand each other’s different and sometimes contradictory perspectives on the social, economic and governance crises facing South Africa.  

They said they “are committed independently and, when required, jointly to combat state capture”.  

They identified topics for further debate including:

  • Increasing South Africa's economic competitiveness and ways of attracting investment and jobs, in the light of the challenges and opportunities posed by technology and the fourth industrial revolution.

  • Potential areas of significant job creation, particularly in manufacturing where the correct mix of Special Economic Zones, regulation, incentives, trade, fiscal and labour policy coordination, and properly functioning state-owned entities could create meaningful employment.

  • The significance of the proposed Youth Employment Service programme in providing a quality work experience for a targeted 1 million 18- to 29-year-old interns.

  • Opportunities for broad-based empowerment and the promotion of black industrialists.

  • SME development and job creation.

  • Optimal corporate governance arrangements, including worker representation.

  • Remuneration structures which narrow inequality by enabling competitive executive remuneration and living wages for workers.

  • The national minimum wage.

  • The redress of economic marginalisation and poverty through land and rural reforms.


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox

Read Fin24's top stories trending on Twitter:

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

NEXT ON FIN24X

 
 
 
 

Company Snapshot

We're talking about: STEINHOFF

Steinhoff International, once the darling of fund managers, risks falling out of the JSE top 100.
 

Money Clinic

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

Voting Booth

If SARB keeps interest rates the same this afternoon, how will this affect your personal finances?

Previous results · Suggest a vote

Loading...