President Cyril Ramaphosa, who chairs the body, appointed eminent South Africans to be members of the council.
These include arms manufacturer Denel’s chairperson Monhla Hlala; Mapungubwe Institute of Strategic Reflection executive director Joel Netshitenzhe, and Wits University professor Michael Sachs.
The council is expected to ensure that SOEs “better serve the developmental needs of the country,” the presidency said on Thursday.
Other issues the council would tackle during its tenure would include the development of an overarching act to better govern the SOEs as well as formulating interventions to assist in strengthening the governance of the enterprises.
Many of the state-owned firms like power supplier Eskom and South African Airways are in huge debt, following years of state capture (corruption), maladministration, and poor service delivery to South Africans.
In spite of these negative records, Ramaphosa has insisted on fixing the SOEs due to their crucial role in the country’s economy and place of pride as national assets, respectively.