Cosatu unites with business against state capture, nuclear and Eskom | Fin24
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Govt Pension Fund

    The fund says it would be wrong to dismiss R250bn Eskom bailout proposal without all the facts.

  • Sovereign Wealth Fund

    Questions around the fund's scope & mandate remain unanswered, writes Dr. Malan Rietveld.


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:



Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote