https://www.polity.org.za
Deepening Democracy through Access to Information
Home / Statements RSS ← Back
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Sponsored by

Close

Embed Video

PetroSA: Bongiwe Moeli addresses media reports

PetroSA: Bongiwe Moeli addresses media reports
Photo by Duane Daws

30th July 2015

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

PetroSA has noted the recent ongoing speculatory media reports following the suspension of its executives in May 2015, the legal challenge by one of its suspended executives and the resignation of its Interim Chairperson.

 

Advertisement

The PetroSA Board has noted the resignation letter of the Interim Chairperson, Ms Nonhlanhla Jiyane, submitted at the PetroSA Board meeting of 27 July 2015.  Ms Jiyane’s voluntary departure from PetroSA as its Interim Chairperson comes after the difference of opinion with the Board on the manner in which the response to CEF on the resolution by PetroSA regarding the company’s Turn Around Strategy in collaboration with CEF, was handled. The reports in the media alleging that the two suspended executives had been behind moves to isolate her, forcing her to resign are inaccurate and misleading.

 

Advertisement

The Interim Chairperson’s resignation and the suspension of the executives have not depleted the number of Board members as required by the company’s corporate governance prescripts.  There are currently nine directors on the Board of PetroSA, thus constituting a quorum. In terms of PetroSA's company documents, the number of directors shall not be less than eight.  The suspended executives are still attending PetroSA Board meetings in their capacities as directors, which is not affected by their suspension.

 

PetroSA has also noted the reference to the legal opinion quoted in the media recently, which is unrelated to the reasons for the suspension of the two executives.

 

Business operations remain stable despite the recent developments.  The PetroSA Board is united, fully functional and continue to implement a range of key activities including strategic interventions that are integral to its Turn-Around-Strategy, working jointly with the CEF.

 

In line with legislative requirements and its establishing documents, PetroSA is scheduled to present its financial results to Parliament after presenting same to the shareholder, CEF at the scheduled Annual General Meeting (AGM), and thereafter communicate to the relevant stakeholders. PetroSA will not engage the media on its financial performance prior to the scheduled AGM.

 

Any further enquiries related to the reasons for Ms Jiyane’s departure and her possible replacement may be directed to the CEF as board members are appointed by the shareholder.

 

Issued by PetroSA

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

 

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now